(Mark One) | |
þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2017 | |
or | |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to |
The Netherlands | 98-0417483 | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
Title of Each Class | Name of Exchange on Which Registered | |
Ordinary Shares, €0.01 par value | NASDAQ Global Select Market |
Large accelerated filer þ | Accelerated filer o | Non-accelerated filer o | ||
Smaller reporting company o | (Do not check if a smaller reporting company) | |||
Emerging growth company ¨ |
Page | ||
PART I FINANCIAL INFORMATION | ||
Item 1. Financial Statements (unaudited) | ||
Consolidated Balance Sheets as of March 31, 2017 and June 30, 2016 | ||
Consolidated Statements of Operations for the three and nine months ended March 31, 2017 and 2016 | ||
Consolidated Statements of Comprehensive Income for the three and nine months ended March 31, 2017 and 2016 | ||
Consolidated Statements of Cash Flows for the nine months ended March 31, 2017 and 2016 | ||
Notes to Consolidated Financial Statements | ||
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | ||
Item 3. Quantitative and Qualitative Disclosures About Market Risk | ||
Item 4. Controls and Procedures | ||
PART II OTHER INFORMATION | ||
Item 1A. Risk Factors | ||
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | ||
Item 6. Exhibits | ||
Signatures |
March 31, 2017 | June 30, 2016 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 43,467 | $ | 77,426 | |||
Marketable securities | — | 7,893 | |||||
Accounts receivable, net of allowances of $2,253 and $490, respectively | 51,426 | 32,327 | |||||
Inventory | 44,661 | 18,125 | |||||
Prepaid expenses and other current assets | 77,240 | 64,997 | |||||
Total current assets | 216,794 | 200,768 | |||||
Property, plant and equipment, net | 513,148 | 493,163 | |||||
Software and web site development costs, net | 47,711 | 35,212 | |||||
Deferred tax assets | 34,248 | 26,093 | |||||
Goodwill | 516,013 | 466,005 | |||||
Intangible assets, net | 280,133 | 216,970 | |||||
Other assets | 29,860 | 25,658 | |||||
Total assets | $ | 1,637,907 | $ | 1,463,869 | |||
Liabilities, noncontrolling interests and shareholders’ equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 110,339 | $ | 86,682 | |||
Accrued expenses | 201,213 | 178,987 | |||||
Deferred revenue | 32,802 | 25,842 | |||||
Short-term debt | 31,216 | 21,717 | |||||
Other current liabilities | 53,900 | 22,635 | |||||
Total current liabilities | 429,470 | 335,863 | |||||
Deferred tax liabilities | 56,047 | 69,430 | |||||
Lease financing obligation | 107,540 | 110,232 | |||||
Long-term debt | 860,237 | 656,794 | |||||
Other liabilities | 57,284 | 60,173 | |||||
Total liabilities | 1,510,578 | 1,232,492 | |||||
Commitments and contingencies (Note 14) | |||||||
Redeemable noncontrolling interests | 42,604 | 65,301 | |||||
Shareholders’ equity: | |||||||
Preferred shares, par value €0.01 per share, 100,000,000 shares authorized; none issued and outstanding | — | — | |||||
Ordinary shares, par value €0.01 per share, 100,000,000 shares authorized; 44,080,627 shares issued; and 31,142,576 and 31,536,732 shares outstanding, respectively | 615 | 615 | |||||
Treasury shares, at cost, 12,938,051 and 12,543,895 shares, respectively | (597,000 | ) | (548,549 | ) | |||
Additional paid-in capital | 358,170 | 335,192 | |||||
Retained earnings | 449,477 | 486,482 | |||||
Accumulated other comprehensive loss | (126,858 | ) | (108,015 | ) | |||
Total shareholders’ equity attributable to Cimpress N.V. | 84,404 | 165,725 | |||||
Noncontrolling interests (Note 11) | 321 | 351 | |||||
Total shareholders' equity | 84,725 | 166,076 | |||||
Total liabilities, noncontrolling interests and shareholders’ equity | $ | 1,637,907 | $ | 1,463,869 |
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenue | $ | 550,585 | $ | 436,817 | $ | 1,571,149 | $ | 1,308,839 | |||||||
Cost of revenue (1) | 268,482 | 196,911 | 757,898 | 551,543 | |||||||||||
Technology and development expense (1) | 63,236 | 54,597 | 178,528 | 152,534 | |||||||||||
Marketing and selling expense (1) | 167,284 | 124,655 | 451,310 | 374,795 | |||||||||||
General and administrative expense (1) | 45,730 | 36,532 | 150,471 | 106,468 | |||||||||||
Amortization of acquired intangible assets | 13,450 | 10,812 | 33,542 | 30,114 | |||||||||||
Restructuring expense (1) | 24,790 | — | 25,890 | 381 | |||||||||||
Impairment of goodwill and acquired intangible assets | 9,556 | 30,841 | 9,556 | 30,841 | |||||||||||
(Loss) income from operations | (41,943 | ) | (17,531 | ) | (36,046 | ) | 62,163 | ||||||||
Other (expense) income, net | (6,582 | ) | (9,003 | ) | 21,835 | 7,929 | |||||||||
Interest expense, net | (11,584 | ) | (10,091 | ) | (31,119 | ) | (28,377 | ) | |||||||
(Loss) income before income taxes | (60,109 | ) | (36,625 | ) | (45,330 | ) | 41,715 | ||||||||
Income tax (benefit) provision | (17,431 | ) | (854 | ) | (7,644 | ) | 8,473 | ||||||||
Net (loss) income | (42,678 | ) | (35,771 | ) | (37,686 | ) | 33,242 | ||||||||
Add: Net loss (income) attributable to noncontrolling interest | (256 | ) | 3,100 | 677 | 4,177 | ||||||||||
Net (loss) income attributable to Cimpress N.V. | $ | (42,934 | ) | $ | (32,671 | ) | $ | (37,009 | ) | $ | 37,419 | ||||
Basic net (loss) income per share attributable to Cimpress N.V. | $ | (1.38 | ) | $ | (1.04 | ) | $ | (1.18 | ) | $ | 1.18 | ||||
Diluted net (loss) income per share attributable to Cimpress N.V. | $ | (1.38 | ) | $ | (1.04 | ) | $ | (1.18 | ) | $ | 1.13 | ||||
Weighted average shares outstanding — basic | 31,103,388 | 31,343,711 | 31,323,451 | 31,734,226 | |||||||||||
Weighted average shares outstanding — diluted | 31,103,388 | 31,343,711 | 31,323,451 | 33,065,970 |
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Cost of revenue | $ | 91 | $ | 3 | $ | 209 | $ | 57 | |||||||
Technology and development expense | 1,123 | 1,606 | 6,566 | 4,358 | |||||||||||
Marketing and selling expense | 1,242 | 387 | 3,542 | 1,223 | |||||||||||
General and administrative expense | 4,084 | 3,957 | 19,071 | 12,571 | |||||||||||
Restructuring expense | 6,257 | — | 6,257 | — |
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net (loss) income | $ | (42,678 | ) | $ | (35,771 | ) | $ | (37,686 | ) | $ | 33,242 | ||||
Other comprehensive (loss) income, net of tax: | |||||||||||||||
Foreign currency translation gain (loss), net of hedges | 14,884 | 27,563 | (23,086 | ) | 3,426 | ||||||||||
Net unrealized (loss) gain on derivative instruments designated and qualifying as cash flow hedges | (426 | ) | (4,820 | ) | 7,049 | (5,282 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss to net (loss) income on derivative instruments | 895 | 3,160 | (4,698 | ) | 3,600 | ||||||||||
Unrealized (loss) gain on available-for-sale-securities | — | 27 | (5,756 | ) | (1,063 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss to net (loss) income for realized gains on available-for-sale securities | — | — | 2,268 | — | |||||||||||
Gain on pension benefit obligation, net | 2,185 | 811 | 2,221 | 900 | |||||||||||
Comprehensive (loss) income | (25,140 | ) | (9,030 | ) | (59,688 | ) | 34,823 | ||||||||
Add: Comprehensive (income) loss attributable to noncontrolling interests | (778 | ) | 653 | 3,847 | 2,641 | ||||||||||
Total comprehensive (loss) income attributable to Cimpress N.V. | $ | (25,918 | ) | $ | (8,377 | ) | $ | (55,841 | ) | $ | 37,464 |
Nine Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Operating activities | |||||||
Net (loss) income | $ | (37,686 | ) | $ | 33,242 | ||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 115,784 | 96,517 | |||||
Impairment of goodwill and acquired intangible assets | 9,556 | 30,841 | |||||
Share-based compensation expense | 35,645 | 18,153 | |||||
Deferred taxes | (37,849 | ) | (11,181 | ) | |||
Abandonment of long-lived assets | 1,730 | 9,763 | |||||
Change in contingent earn-out liability | 27,364 | — | |||||
Gain on sale of available-for-sale securities | (2,268 | ) | — | ||||
Unrealized loss on derivatives not designated as hedging instruments included in net (loss) income | 839 | 979 | |||||
Effect of exchange rate changes on monetary assets and liabilities denominated in non-functional currency | (7,215 | ) | (3,172 | ) | |||
Other non-cash items | 2,393 | 2,795 | |||||
Gain on proceeds from insurance | — | (3,136 | ) | ||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | 3,434 | 2,370 | |||||
Inventory | (7,136 | ) | (1,316 | ) | |||
Prepaid expenses and other assets | 2,389 | (4,269 | ) | ||||
Accounts payable | 9,908 | 12,496 | |||||
Accrued expenses and other liabilities | 6,756 | 11,136 | |||||
Net cash provided by operating activities | 123,644 | 195,218 | |||||
Investing activities | |||||||
Purchases of property, plant and equipment | (56,916 | ) | (62,641 | ) | |||
Business acquisitions, net of cash acquired | (204,875 | ) | (162,440 | ) | |||
Purchases of intangible assets | (110 | ) | (453 | ) | |||
Capitalization of software and website development costs | (28,678 | ) | (18,184 | ) | |||
Proceeds from sale of available-for-sale securities | 6,346 | — | |||||
Proceeds from the sale of assets | 4,231 | — | |||||
Proceeds from insurance related to investing activities | — | 3,624 | |||||
Other investing activities | 2,496 | 775 | |||||
Net cash used in investing activities | (277,506 | ) | (239,319 | ) | |||
Financing activities | |||||||
Proceeds from borrowings of debt | 612,004 | 516,008 | |||||
Payments of debt and debt issuance costs | (398,282 | ) | (332,191 | ) | |||
Payment of purchase consideration included in acquisition-date fair value | (539 | ) | (4,350 | ) | |||
Payments of withholding taxes in connection with equity awards | (10,816 | ) | (5,768 | ) | |||
Payments of capital lease obligations | (12,029 | ) | (10,137 | ) | |||
Purchase of ordinary shares | (50,008 | ) | (153,467 | ) | |||
Purchase of noncontrolling interests | (20,230 | ) | — | ||||
Proceeds from issuance of ordinary shares | 331 | 3,379 | |||||
Capital contribution from noncontrolling interest | 1,404 | 5,141 | |||||
Other financing activities | 1,281 | (303 | ) | ||||
Net cash provided by financing activities | 123,116 | 18,312 | |||||
Effect of exchange rate changes on cash | (3,213 | ) | (1,069 | ) | |||
Net decrease in cash and cash equivalents | (33,959 | ) | (26,858 | ) | |||
Cash and cash equivalents at beginning of period | 77,426 | 103,584 | |||||
Cash and cash equivalents at end of period | $ | 43,467 | $ | 76,726 |
Nine Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Supplemental disclosures of cash flow information: | |||||||
Cash paid during the period for: | |||||||
Interest | $ | 27,430 | $ | 22,882 | |||
Income taxes | 35,967 | 11,089 | |||||
Non-cash investing and financing activities: | |||||||
Capitalization of construction costs related to financing lease obligation | $ | — | $ | 19,264 | |||
Property and equipment acquired under capital leases | 12,099 | 7,244 | |||||
Amounts due for acquisitions of businesses | 31,613 | 18,361 |
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(Losses) gains on derivatives not designated as hedging instruments (1) | $ | (817 | ) | $ | (1,505 | ) | $ | 12,737 | $ | 4,048 | |||||
Currency-related (losses) gains, net (2) | (6,304 | ) | (7,656 | ) | 5,719 | (149 | ) | ||||||||
Other gains (3) | 539 | 158 | 3,379 | 4,030 | |||||||||||
Total other (expense) income, net | $ | (6,582 | ) | $ | (9,003 | ) | $ | 21,835 | $ | 7,929 |
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Weighted average shares outstanding, basic | 31,103,388 | 31,343,711 | 31,323,451 | 31,734,226 | |||||||
Weighted average shares issuable upon exercise/vesting of outstanding share options/RSUs/RSAs (1) | — | — | — | 1,331,744 | |||||||
Shares used in computing diluted net (loss) income per share attributable to Cimpress N.V. | 31,103,388 | 31,343,711 | 31,323,451 | 33,065,970 | |||||||
Weighted average anti-dilutive shares excluded from diluted net (loss) income per share attributable to Cimpress N.V. | 1,262,902 | 1,382,013 | 1,379,481 | 41,919 |
June 30, 2016 | |||||||||||
Amortized Cost Basis (2) | Unrealized gain | Estimated Fair Value | |||||||||
Available-for-sale securities | |||||||||||
Plaza Create Co. Ltd. common shares (1) | $ | 4,405 | $ | 3,488 | $ | 7,893 | |||||
Total investments in available-for-sale securities | $ | 4,405 | $ | 3,488 | $ | 7,893 |
• | Level 1: Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. |
• | Level 2: Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in markets that are not active and inputs that are |
• | Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. |
March 31, 2017 | |||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Assets | |||||||||||||||
Interest rate swap contracts | $ | 2,394 | $ | — | $ | 2,394 | $ | — | |||||||
Cross-currency swap contracts | 1,661 | — | 1,661 | — | |||||||||||
Currency forward contracts | 10,559 | — | 10,559 | — | |||||||||||
Total assets recorded at fair value | $ | 14,614 | $ | — | $ | 14,614 | $ | — | |||||||
Liabilities | |||||||||||||||
Interest rate swap contracts | $ | (355 | ) | $ | — | $ | (355 | ) | $ | — | |||||
Cross-currency swap contracts | (2,706 | ) | — | (2,706 | ) | — | |||||||||
Currency forward contracts | (622 | ) | — | (622 | ) | — | |||||||||
Currency option contracts | (341 | ) | — | (341 | ) | — | |||||||||
Contingent consideration | (3,637 | ) | — | — | (3,637 | ) | |||||||||
Total liabilities recorded at fair value | $ | (7,661 | ) | $ | — | $ | (4,024 | ) | $ | (3,637 | ) |
June 30, 2016 | |||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Assets | |||||||||||||||
Available-for-sale securities | $ | 7,893 | $ | 7,893 | $ | — | $ | — | |||||||
Currency forward contracts | 9,821 | — | 9,821 | — | |||||||||||
Total assets recorded at fair value | $ | 17,714 | $ | 7,893 | $ | 9,821 | $ | — | |||||||
Liabilities | |||||||||||||||
Interest rate swap contracts | $ | (2,180 | ) | $ | — | $ | (2,180 | ) | $ | — | |||||
Cross-currency swap contracts | (8,850 | ) | — | (8,850 | ) | — | |||||||||
Currency forward contracts | (315 | ) | — | (315 | ) | — | |||||||||
Contingent consideration | (1,212 | ) | — | — | (1,212 | ) | |||||||||
Total liabilities recorded at fair value | $ | (12,557 | ) | $ | — | $ | (11,345 | ) | $ | (1,212 | ) |
Nine Months Ended March 31, | |||||||
2017 (1) | 2016 (1)(2) | ||||||
Balance at June 30, 2016 and 2015, respectively | $ | 1,212 | $ | 7,833 | |||
Fair value at acquisition date | — | 1,185 | |||||
Fair value adjustment | 2,514 | — | |||||
Foreign currency impact | (89 | ) | 139 | ||||
Balance at March 31 | $ | 3,637 | $ | 9,157 |
Interest rate swap contracts outstanding: | Notional Amounts | |||
Contracts accruing interest as of March 31, 2017 | $ | 60,000 | ||
Contracts with a future start date | 140,000 | |||
Total | $ | 200,000 |
Notional Amount | Effective Date | Maturity Date | Number of Instruments | Index | ||||
$308,301 | December 2015 through September 2016 | Various dates through September 2018 | 449 | Various |
March 31, 2017 | |||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||
Derivatives designated as hedging instruments | Balance Sheet line item | Gross amounts of recognized assets | Gross amount offset in consolidated balance sheet | Net amount | Balance Sheet line item | Gross amounts of recognized liabilities | Gross amount offset in consolidated balance sheet | Net amount | |||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | |||||||||||||||||||||||||||
Interest rate swaps | Other non-current assets | $ | 2,705 | $ | (311 | ) | $ | 2,394 | Other current liabilities / other liabilities | $ | (468 | ) | $ | 113 | $ | (355 | ) | ||||||||||
Cross-currency swaps | Other non-current assets | 1,661 | — | 1,661 | Other liabilities | — | — | — | |||||||||||||||||||
Derivatives in Net Investment Hedging Relationships | |||||||||||||||||||||||||||
Cross-currency swaps | Other non-current assets | — | — | — | Other liabilities | (2,706 | ) | — | (2,706 | ) | |||||||||||||||||
Currency forward contracts | Other non-current assets | 895 | (195 | ) | 700 | Other liabilities | (622 | ) | — | (622 | ) | ||||||||||||||||
Total derivatives designated as hedging instruments | $ | 5,261 | $ | (506 | ) | $ | 4,755 | $ | (3,796 | ) | $ | 113 | $ | (3,683 | ) | ||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||
Currency forward contracts | Other current assets / other assets | $ | 10,846 | $ | (987 | ) | $ | 9,859 | Other current liabilities / other liabilities | $ | — | $ | — | $ | — | ||||||||||||
Currency option contracts | Other current assets / other assets | — | — | — | Other current liabilities / other liabilities | (341 | ) | — | (341 | ) | |||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 10,846 | $ | (987 | ) | $ | 9,859 | $ | (341 | ) | $ | — | $ | (341 | ) |
June 30, 2016 | |||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||
Derivatives designated as hedging instruments | Balance Sheet line item | Gross amounts of recognized assets | Gross amount offset in consolidated balance sheet | Net amount | Balance Sheet line item | Gross amounts of recognized liabilities | Gross amount offset in consolidated balance sheet | Net amount | |||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | |||||||||||||||||||||||||||
Interest rate swaps | Other non-current assets | $ | — | $ | — | $ | — | Other current liabilities / other liabilities | $ | (2,180 | ) | $ | — | $ | (2,180 | ) | |||||||||||
Cross-currency swaps | Other non-current assets | — | — | — | Other liabilities | (2,080 | ) | — | (2,080 | ) | |||||||||||||||||
Derivatives in Net Investment Hedging Relationships | |||||||||||||||||||||||||||
Cross-currency swaps | Other non-current assets | — | — | — | Other liabilities | (6,770 | ) | — | (6,770 | ) | |||||||||||||||||
Currency forward contracts | Other non-current assets | — | — | — | Other liabilities | (165 | ) | — | (165 | ) | |||||||||||||||||
Total derivatives designated as hedging instruments | $ | — | $ | — | $ | — | $ | (11,195 | ) | $ | — | $ | (11,195 | ) | |||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||
Currency forward contracts | Other current assets | $ | 10,748 | $ | (927 | ) | $ | 9,821 | Other current liabilities | $ | (508 | ) | $ | 358 | $ | (150 | ) | ||||||||||
Total derivatives not designated as hedging instruments | $ | 10,748 | $ | (927 | ) | $ | 9,821 | $ | (508 | ) | $ | 358 | $ | (150 | ) |
Derivatives in Hedging Relationships | Amount of Gain (Loss) Recognized in Comprehensive (Loss) Income on Derivatives (Effective Portion) | ||||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||
In thousands | 2017 | 2016 | 2017 | 2016 | |||||||||||
Derivatives in Cash Flow Hedging Relationships | |||||||||||||||
Interest rate swaps | $ | 314 | $ | (905 | ) | $ | 3,078 | $ | (1,367 | ) | |||||
Cross-currency swaps | (740 | ) | (3,915 | ) | 3,971 | (3,915 | ) | ||||||||
Derivatives in Net Investment Hedging Relationships | |||||||||||||||
Cross-currency swaps | (841 | ) | (2,999 | ) | 3,983 | (70 | ) | ||||||||
Currency forward contracts | (802 | ) | (730 | ) | 137 | (730 | ) | ||||||||
$ | (2,069 | ) | $ | (8,549 | ) | $ | 11,169 | $ | (6,082 | ) |
Details about Accumulated Other Comprehensive Loss Components | Amount Reclassified from Accumulated Other Comprehensive Loss to Net (loss) Income | Affected line item in the Statement of Operations | ||||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | |||||||||||||||
In thousands | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Derivatives in Cash Flow Hedging Relationships | ||||||||||||||||
Interest rate swaps | $ | (61 | ) | $ | (180 | ) | $ | (100 | ) | $ | (768 | ) | Interest expense, net | |||
Cross-currency swaps | (1,131 | ) | (4,034 | ) | 6,366 | (4,034 | ) | Other (expense) income, net | ||||||||
Total before income tax | (1,192 | ) | (4,214 | ) | 6,266 | (4,802 | ) | (Loss) income before income taxes | ||||||||
Income tax | 297 | 1,054 | (1,568 | ) | 1,202 | Income tax (benefit) provision | ||||||||||
Total | $ | (895 | ) | $ | (3,160 | ) | $ | 4,698 | $ | (3,600 | ) |
Amount of Gain (Loss) Recognized in Net (loss) Income | Location of Gain (Loss) Recognized in Income (Ineffective Portion) | ||||||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||
In thousands | 2017 | 2016 | 2017 | 2016 | |||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||
Currency contracts | $ | (820 | ) | $ | (1,505 | ) | $ | 12,481 | $ | 4,058 | Other (expense) income, net | ||||||
Interest rate swaps | 3 | — | 256 | (10 | ) | Other (expense) income, net | |||||||||||
$ | (817 | ) | $ | (1,505 | ) | $ | 12,737 | $ | 4,048 |
Gains (losses) on cash flow hedges (1) | Gains (losses) on available for sale securities | Gains (losses) on pension benefit obligation | Translation adjustments, net of hedges (2) | Total | |||||||||||||||
Balance as of June 30, 2016 | $ | (2,322 | ) | $ | 3,488 | $ | (2,551 | ) | $ | (106,630 | ) | $ | (108,015 | ) | |||||
Other comprehensive income (loss) before reclassifications | 7,049 | (5,756 | ) | 2,221 | (19,927 | ) | (16,413 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss to net (loss) income | (4,698 | ) | 2,268 | — | — | (2,430 | ) | ||||||||||||
Net current period other comprehensive income (loss) | 2,351 | (3,488 | ) | 2,221 | (19,927 | ) | (18,843 | ) | |||||||||||
Balance as of March 31, 2017 | $ | 29 | $ | — | $ | (330 | ) | $ | (126,557 | ) | $ | (126,858 | ) |
Cash consideration | $ | 214,573 | ||||
Final post closing adjustment | (1,941 | ) | ||||
Total purchase price | $ | 212,632 |
Amount | Weighted Average Useful Life in Years | ||||
Tangible assets acquired and liabilities assumed (1): | |||||
Cash and cash equivalents | $ | 8,337 | n/a | ||
Accounts receivable, net | 20,921 | n/a | |||
Inventory | 19,854 | n/a | |||
Other current assets | 12,454 | n/a | |||
Property, plant and equipment, net | 29,472 | n/a | |||
Other non-current assets | 993 | n/a | |||
Accounts payable | (12,590 | ) | n/a | ||
Accrued expenses | (17,802 | ) | n/a | ||
Other current liabilities | (1,016 | ) | |||
Deferred tax liabilities (2) | (17,735 | ) | n/a | ||
Long-term liabilities | (9,746 | ) | n/a | ||
Identifiable intangible assets: | |||||
Developed Technology | 19,000 | 6 | |||
Trade Name | 33,000 | 11 | |||
Customer Relationships | 56,000 | 7 | |||
Goodwill (2) | 71,490 | n/a | |||
Total purchase price | $ | 212,632 |
Nine Months Ended March 31, | ||||||||
2017 | 2016 | |||||||
Pro forma revenue | $ | 1,730,091 | $ | 1,525,536 | ||||
Pro forma net (loss) income attributable to Cimpress N.V. | (42,663 | ) | 32,505 |
Vistaprint business unit | Upload and Print business units | National Pen business unit | All Other business units | Total | |||||||||||||||
Balance as of June 30, 2016 | $ | 121,752 | $ | 319,373 | $ | — | $ | 24,880 | $ | 466,005 | |||||||||
Acquisitions (1) | — | — | 71,490 | — | 71,490 | ||||||||||||||
Impairments (2) | — | (6,345 | ) | — | — | (6,345 | ) | ||||||||||||
Adjustments (3) | 30,038 | — | (30,038 | ) | — | — | |||||||||||||
Effect of currency translation adjustments (4) | (2,307 | ) | (12,545 | ) | — | (285 | ) | (15,137 | ) | ||||||||||
Balance as of March 31, 2017 | $ | 149,483 | $ | 300,483 | $ | 41,452 | $ | 24,595 | $ | 516,013 |
March 31, 2017 | June 30, 2016 | ||||||
Compensation costs (1) | $ | 53,163 | $ | 56,965 | |||
Income and indirect taxes | 43,914 | 39,802 | |||||
Advertising costs | 26,440 | 26,372 | |||||
Interest payable | 9,920 | 5,172 | |||||
Severance costs (2) | 6,402 | 2,242 | |||||
Shipping costs | 8,989 | 6,843 | |||||
Production costs | 7,722 | 3,251 | |||||
Sales returns | 4,581 | 2,882 | |||||
Purchases of property, plant and equipment | 3,077 | 4,614 | |||||
Professional costs | 2,489 | 1,543 | |||||
Other | 34,516 | 29,301 | |||||
Total accrued expenses (3) | $ | 201,213 | $ | 178,987 |
March 31, 2017 | June 30, 2016 | ||||||
Contingent earn-out liability (4) | $ | 29,677 | $ | — | |||
Current portion of lease financing obligation | 12,569 | 12,569 | |||||
Current portion of capital lease obligations | 10,491 | 8,011 | |||||
Other | 1,163 | 2,055 | |||||
Total other current liabilities | $ | 53,900 | $ | 22,635 |
March 31, 2017 | June 30, 2016 | ||||||
Contingent earn-out liability (4) | $ | — | $ | 3,146 | |||
Long-term capital lease obligations | 29,962 | 21,318 | |||||
Long-term derivative liabilities | 4,706 | 10,949 | |||||
Other | 22,616 | 24,760 | |||||
Total other liabilities (5) | $ | 57,284 | $ | 60,173 |
March 31, 2017 | June 30, 2016 | ||||||
Senior secured credit facility | $ | 614,970 | $ | 400,809 | |||
7.0% Senior unsecured notes due 2022 | 275,000 | 275,000 | |||||
Other | 7,600 | 10,088 | |||||
Debt issuance costs and debt discounts | (6,117 | ) | (7,386 | ) | |||
Total debt outstanding, net | 891,453 | 678,511 | |||||
Less short-term debt (1) | 31,216 | 21,717 | |||||
Long-term debt | $ | 860,237 | $ | 656,794 |
• | Revolving loans of $690,000 with a maturity date of September 23, 2019 |
• | Term loan of $128,000 amortizing over the loan period, with a final maturity date of September 23, 2019 |
Redeemable noncontrolling interests | Noncontrolling interest | |||||||
Balance as of June 30, 2016 | $ | 65,301 | $ | 351 | ||||
Capital contribution from noncontrolling interest | 1,404 | — | ||||||
Accretion to redemption value recognized in net loss attributable to noncontrolling interest (1) | 372 | — | ||||||
Net loss attributable to noncontrolling interest | (1,054 | ) | 2 | |||||
Purchase of noncontrolling interests | (20,299 | ) | — | |||||
Foreign currency translation | (3,120 | ) | (32 | ) | ||||
Balance as of March 31, 2017 | $ | 42,604 | $ | 321 |
• | Vistaprint business unit - Includes the operations of our Vistaprint-branded websites focused on the North America, Europe, Australia and New Zealand markets, and our Webs-branded business, which is managed with the Vistaprint-branded digital business in the previously listed geographies. |
• | Upload and Print business units - Includes the results of our druck.at, Easyflyer, Exagroup, Pixartprinting, Printdeal, Tradeprint, and WIRmachenDRUCK branded businesses. |
• | National Pen business unit - Includes the global operations of our National Pen branded businesses, which manufacture and market custom writing instruments and promotional products, apparel and gifts. |
• | All Other business units - Includes the operations of our Albumprinter, Most of World, and Corporate Solutions business units. Our Most of World business unit is focused on our emerging market portfolio, including operations in Brazil, China, India and Japan. These business units have been combined into one reportable segment based on materiality. |
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenue: | |||||||||||||||
Vistaprint business unit | $ | 321,254 | $ | 289,901 | $ | 986,090 | $ | 912,153 | |||||||
Upload and Print business units | 142,476 | 116,356 | 426,821 | 286,171 | |||||||||||
National Pen business unit | 58,828 | — | 58,828 | — | |||||||||||
All Other business units | 28,027 | 30,560 | 99,410 | 110,515 | |||||||||||
Total revenue | $ | 550,585 | $ | 436,817 | $ | 1,571,149 | $ | 1,308,839 |
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Adjusted net operating profit (loss) by segment: | |||||||||||||||
Vistaprint business unit | $ | 37,003 | $ | 42,424 | $ | 122,454 | $ | 157,352 | |||||||
Upload and Print business units | 13,144 | 15,557 | 43,715 | 41,195 | |||||||||||
National Pen business unit | (3,226 | ) | — | (3,226 | ) | — | |||||||||
All Other business units | (9,945 | ) | (3,895 | ) | (21,525 | ) | 1,844 | ||||||||
Total adjusted net operating profit (loss) by segment | 36,976 | 54,086 | 141,418 | 200,391 | |||||||||||
Corporate and global functions | (27,705 | ) | (23,080 | ) | (80,883 | ) | (62,963 | ) | |||||||
Acquisition-related amortization and depreciation | (13,508 | ) | (10,879 | ) | (33,740 | ) | (30,316 | ) | |||||||
Earn-out related charges (1) | (4,882 | ) | (883 | ) | (28,139 | ) | (4,585 | ) | |||||||
Share-based compensation related to investment consideration | (375 | ) | (1,168 | ) | (5,079 | ) | (3,705 | ) | |||||||
Certain impairments (2) | (9,556 | ) | (37,582 | ) | (9,556 | ) | (40,604 | ) | |||||||
Restructuring related charges | (24,790 | ) | — | (25,890 | ) | (381 | ) | ||||||||
Interest expense for Waltham lease | 1,897 | 1,975 | 5,823 | 4,326 | |||||||||||
Total (loss) income from operations | (41,943 | ) | (17,531 | ) | (36,046 | ) | 62,163 | ||||||||
Other (expense) income, net | (6,582 | ) | (9,003 | ) | 21,835 | 7,929 | |||||||||
Interest expense, net | (11,584 | ) | (10,091 | ) | (31,119 | ) | (28,377 | ) | |||||||
(Loss) income before income taxes | $ | (60,109 | ) | $ | (36,625 | ) | $ | (45,330 | ) | $ | 41,715 |
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Depreciation and amortization: | |||||||||||||||
Vistaprint business unit | $ | 16,885 | $ | 10,049 | $ | 42,971 | $ | 30,106 | |||||||
Upload and Print business units | 14,150 | 12,850 | 41,658 | 33,399 | |||||||||||
National Pen business unit | 5,277 | — | 5,277 | — | |||||||||||
All Other business units | 3,698 | 4,667 | 10,957 | 14,637 | |||||||||||
Corporate and global functions | 3,354 | 6,888 | 14,883 | 18,375 | |||||||||||
Total depreciation and amortization | $ | 43,364 | $ | 34,454 | $ | 115,746 | $ | 96,517 |
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
United States | $ | 240,484 | $ | 192,933 | $ | 651,949 | $ | 580,009 | |||||||
Non-United States (1) | 310,101 | 243,884 | 919,200 | 728,830 | |||||||||||
Total revenue | $ | 550,585 | $ | 436,817 | $ | 1,571,149 | $ | 1,308,839 |
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Physical printed products and other (2) | $ | 535,959 | $ | 421,402 | $ | 1,526,906 | $ | 1,260,647 | |||||||
Digital products/services | 14,626 | 15,415 | 44,243 | 48,192 | |||||||||||
Total revenue | $ | 550,585 | $ | 436,817 | $ | 1,571,149 | $ | 1,308,839 |
March 31, 2017 | June 30, 2016 | ||||||
Long-lived assets (3): | |||||||
Netherlands | $ | 94,393 | $ | 91,053 | |||
Canada | 85,321 | 89,888 | |||||
United States | 55,101 | 32,977 | |||||
Switzerland | 46,453 | 38,501 | |||||
Italy | 41,398 | 34,086 | |||||
Australia | 23,312 | 24,358 | |||||
France | 21,843 | 24,561 | |||||
Jamaica | 21,699 | 22,604 | |||||
Japan | 20,754 | 23,213 | |||||
Other | 63,370 | 53,059 | |||||
Total | $ | 473,644 | $ | 434,300 |
Severance and Related Benefits | Other Restructuring Costs (1) | Total | |||||||||
Accrued restructuring liability as of June 30, 2016 | $ | — | $ | — | $ | — | |||||
Restructuring charges | 23,230 | 2,660 | 25,890 | ||||||||
Cash payments | (6,803 | ) | (720 | ) | (7,523 | ) | |||||
Non-cash charges (2) | (6,257 | ) | (611 | ) | (6,868 | ) | |||||
Accrued restructuring liability as of March 31, 2017 | $ | 10,170 | $ | 1,329 | $ | 11,499 |
• | Reported revenue increased by 26% to $550.6 million. |
• | Consolidated constant-currency revenue increased by 28% and excluding acquisitions completed in the last four quarters increased by 11%. |
• | Operating loss increased $24.4 million to an operating loss of $41.9 million. |
• | Adjusted NOPAT decreased $14.8 million to $9.2 million. |
• | Reported revenue increased by 20% to $1,571.1 million. |
• | Consolidated constant-currency revenue increased by 22% and excluding acquisitions completed in the last four quarters increased by 9%. |
• | Operating income decreased $98.2 million to an operating loss of $36.0 million. |
• | Adjusted NOPAT decreased $67.8 million to $55.0 million. |
• | Increased organic investments in fiscal year 2017 compared to fiscal year 2016, which materially weigh on profitability. These investments include costs that impact our gross profit such as shipping price reductions, expanded design services, and new product introduction. |
• | Restructuring-related charges related to our reorganization, which was announced in January 2017, resulting in one-time employee termination costs as well as third party professional fees. |
• | Increased third-party fulfillment and shipping costs during our second quarter due to production inefficiencies, which negatively impacted our year to date gross margin. |
• | Declines from the termination of two partner contracts within our Albumprinter and Corporate Solutions businesses. |
• | Increased share-based compensation, excluding restructuring related charges, during the current periods primarily driven by our new long-term incentive program. |
• | Significant acquisition-related expense associated with our WIRmachenDRUCK contingent earn-out arrangement, due to their continued strong performance. |
• | Operating losses in our newly acquired National Pen business unit, including $3.5 million of amortization expense for acquired intangible assets. |
In thousands | Three Months Ended March 31, | Currency Impact: | Constant- Currency | Impact of Acquisitions: | Constant- Currency Revenue Growth | ||||||||||||
2017 | 2016 | % Change | (Favorable)/Unfavorable | Revenue Growth (1) | (Favorable)/Unfavorable | Excluding Acquisitions (2) | |||||||||||
Vistaprint business unit | $ | 321,254 | $ | 289,901 | 11% | 1% | 12% | —% | 12% | ||||||||
Upload and Print business units (3) | 142,476 | 116,356 | 22% | 5% | 27% | (14)% | 13% | ||||||||||
National Pen business unit (4) | 58,828 | — | 100% | —% | 100% | (100)% | —% | ||||||||||
All Other business units | 28,027 | 30,560 | (8)% | (1)% | (9)% | —% | (9)% | ||||||||||
Total revenue | $ | 550,585 | $ | 436,817 | 26% | 2% | 28% | (17)% | 11% |
In thousands | Nine Months Ended March 31, | Currency Impact: | Constant- Currency | Impact of Acquisitions: | Constant- Currency Revenue Growth | ||||||||||||
2017 | 2016 | % Change | (Favorable)/Unfavorable | Revenue Growth (1) | (Favorable)/Unfavorable | Excluding Acquisitions (2) | |||||||||||
Vistaprint business unit | $ | 986,090 | $ | 912,153 | 8% | 2% | 10% | —% | 10% | ||||||||
Upload and Print business units (3) | 426,821 | 286,171 | 49% | 3% | 52% | (39)% | 13% | ||||||||||
National Pen business unit (4) | 58,828 | — | 100% | —% | 100% | (100)% | —% | ||||||||||
All Other business units | 99,410 | 110,515 | (10)% | (1)% | (11)% | —% | (11)% | ||||||||||
Total revenue | $ | 1,571,149 | $ | 1,308,839 | 20% | 2% | 22% | (13)% | 9% |
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Cost of revenue | $ | 268,482 | $ | 196,911 | $ | 757,898 | $ | 551,543 | |||||||
% of revenue | 48.8 | % | 45.1 | % | 48.2 | % | 42.1 | % |
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Technology and development expense | $ | 63,236 | $ | 54,597 | $ | 178,528 | $ | 152,534 | |||||||
% of revenue | 11.5 | % | 12.5 | % | 11.4 | % | 11.7 | % | |||||||
Marketing and selling expense | $ | 167,284 | $ | 124,655 | $ | 451,310 | $ | 374,795 | |||||||
% of revenue | 30.4 | % | 28.5 | % | 28.7 | % | 28.6 | % | |||||||
General and administrative expense | $ | 45,730 | $ | 36,532 | $ | 150,471 | $ | 106,468 | |||||||
% of revenue | 8.3 | % | 8.4 | % | 9.6 | % | 8.1 | % | |||||||
Amortization of acquired intangible assets | $ | 13,450 | $ | 10,812 | $ | 33,542 | $ | 30,114 | |||||||
% of revenue | 2.4 | % | 2.5 | % | 2.1 | % | 2.3 | % | |||||||
Restructuring expense | $ | 24,790 | $ | — | $ | 25,890 | $ | 381 | |||||||
% of revenue | 4.5 | % | — | % | 1.6 | % | — | % | |||||||
Impairment of goodwill and acquired intangible assets | $ | 9,556 | $ | 30,841 | $ | 9,556 | $ | 30,841 | |||||||
% of revenue | 1.7 | % | 7.1 | % | 0.6 | % | 2.4 | % |
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(Losses) gains on derivatives not designated as hedging instruments | $ | (817 | ) | $ | (1,505 | ) | $ | 12,737 | $ | 4,048 | |||||
Currency-related (losses) gains, net | (6,304 | ) | (7,656 | ) | 5,719 | (149 | ) | ||||||||
Other gains | 539 | 158 | 3,379 | 4,030 | |||||||||||
Total other (expense) income, net | $ | (6,582 | ) | $ | (9,003 | ) | $ | 21,835 | $ | 7,929 |
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Income tax (benefit) provision | $ | (17,431 | ) | $ | (854 | ) | $ | (7,644 | ) | $ | 8,473 | ||||
Effective tax rate | 29.0 | % | 2.3 | % | 16.9 | % | 20.3 | % |
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||
2017 | 2016 | 2017 vs. 2016 | 2017 | 2016 | 2017 vs. 2016 | ||||||||||||||||
Reported Revenue | $ | 321,254 | $ | 289,901 | 11 | % | $ | 986,090 | $ | 912,153 | 8 | % | |||||||||
Adjusted Net Operating Profit | 37,003 | 42,424 | (13 | )% | 122,454 | 157,352 | (22 | )% | |||||||||||||
% of revenue | 12 | % | 15 | % | 12 | % | 17 | % |
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||
2017 | 2016 | 2017 vs. 2016 | 2017 | 2016 | 2017 vs. 2016 | ||||||||||||||||
Reported Revenue | $ | 142,476 | $ | 116,356 | 22 | % | $ | 426,821 | $ | 286,171 | 49 | % | |||||||||
Adjusted Net Operating Profit | 13,144 | 15,557 | (16 | )% | 43,715 | 41,195 | 6 | % | |||||||||||||
% of revenue | 9 | % | 13 | % | 10 | % | 14 | % |
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||
2017 | 2016 | 2017 vs. 2016 | 2017 | 2016 | 2017 vs. 2016 | ||||||||||
Reported Revenue | $ | 58,828 | n/a | n/a | $ | 58,828 | n/a | n/a | |||||||
Adjusted Net Operating Profit (Loss) | (3,226 | ) | n/a | n/a | (3,226 | ) | n/a | n/a | |||||||
% of revenue | (5 | )% | n/a | (5 | )% | n/a |
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||
2017 | 2016 | 2017 vs. 2016 | 2017 | 2016 | 2017 vs. 2016 | ||||||||||||||||
Reported Revenue | $ | 28,027 | $ | 30,560 | (8 | )% | $ | 99,410 | $ | 110,515 | (10 | )% | |||||||||
Adjusted Net Operating Profit (Loss) | (9,945 | ) | (3,895 | ) | (155 | )% | (21,525 | ) | 1,844 | (1,267 | )% | ||||||||||
% of revenue | (35 | )% | (13 | )% | (22 | )% | 2 | % |
Nine Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Net cash provided by operating activities | $ | 123,644 | $ | 195,218 | |||
Net cash used in investing activities | (277,506 | ) | (239,319 | ) | |||
Net cash provided by financing activities | 123,116 | 18,312 |
• | Proceeds of debt of $213.7 million, net of payments; |
• | Adjustments for non-cash items of $148.2 million primarily related to positive adjustments for depreciation and amortization of $115.8 million, share-based compensation costs of $35.6 million, the change of our contingent earn-out liability of $27.4 million and unrealized currency-related gains of $6.4 million, offset by negative adjustments for non-cash tax related items of $37.8 million; |
• | Changes in working capital balances of $15.4 million primarily driven by a decrease in accrued expenses primarily related to a decrease in accrued taxes; |
• | Proceeds from the sale of available-for sale securities of $6.3 million; and |
• | Proceeds from the sale of assets of $4.2 million. |
• | Net loss of $37.7 million; |
• | Payments for acquisitions, net of cash acquired, of $204.9 million; |
• | Purchases of our ordinary shares of $50.0 million; |
• | Capital expenditures of $56.9 million of which $29.5 million were related to the purchase of manufacturing and automation equipment for our production facilities, $8.4 million were related to the purchase of land, facilities and leasehold improvements, and $19.0 million were related to computer and office equipment; |
• | Internal costs for software and website development that we have capitalized of $28.7 million; |
• | Purchase of noncontrolling interests of $20.2 million; |
• | Payments for capital lease arrangements of $12.0 million; and |
• | Payments of withholding taxes in connection with share awards of $10.8 million. |
March 31, 2017 | |||
Maximum aggregate available for borrowing | $ | 818,000 | |
Outstanding borrowings of senior secured credit facilities | (614,970 | ) | |
Remaining amount | 203,030 | ||
Limitations to borrowing due to debt covenants and other obligations (1) | (2,454 | ) | |
Amount available for borrowing as of March 31, 2017 (2) | $ | 200,576 |
• | our total leverage ratio, which is the ratio of our consolidated total indebtedness (*) to our TTM consolidated EBITDA (*), will not exceed 4.50 to 1.00. |
• | our senior secured leverage ratio, which is the ratio of our consolidated senior secured indebtedness (*) to our TTM consolidated EBITDA (*), will not exceed 3.25 to 1.00. |
• | our interest coverage ratio, which is the ratio of our consolidated EBITDA to our consolidated interest expense, will be at least 3.00 to 1.00. |
• | Large, discrete, internally developed projects that we believe can, over the longer term, provide us with materially important competitive capabilities and/or positions in new markets, such as investments in our software, service operations and other supporting capabilities for our integrated platform, new business units such as Corporate Solutions and expansion into new geographic markets |
• | Other organic investments intended to maintain or improve our competitive position or support growth, such as costs to develop new products and expand product attributes, production and IT capacity expansion, merchant related advertising costs and continued investment in our employees |
• | Purchases of ordinary shares |
• | Corporate acquisitions and similar investments |
• | Reduction of debt |
In thousands | Payments Due by Period | ||||||||||||||||||
Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | |||||||||||||||
Operating leases, net of subleases | $ | 44,254 | $ | 7,942 | $ | 13,408 | $ | 10,004 | $ | 12,900 | |||||||||
Build-to-suit lease | 112,393 | 12,569 | 25,139 | 25,139 | 49,546 | ||||||||||||||
Purchase commitments | 44,102 | 34,747 | 9,355 | — | — | ||||||||||||||
Senior unsecured notes and interest payments | 380,875 | 19,250 | 38,500 | 38,500 | 284,625 | ||||||||||||||
Other debt and interest payments | 674,176 | 52,748 | 615,287 | 3,733 | 2,408 | ||||||||||||||
Capital leases | 40,453 | 13,512 | 17,464 | 5,913 | 3,564 | ||||||||||||||
Other | 38,866 | 33,407 | 5,459 | — | — | ||||||||||||||
Total (1) | $ | 1,335,119 | $ | 174,175 | $ | 724,612 | $ | 83,289 | $ | 353,043 |
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
GAAP operating (loss) income | $ | (41,943 | ) | $ | (17,531 | ) | $ | (36,046 | ) | $ | 62,163 | ||||
Less: Cash taxes attributable to current period (see below) | (4,698 | ) | (8,392 | ) | (18,821 | ) | (19,587 | ) | |||||||
Exclude expense (benefit) impact of: | |||||||||||||||
Acquisition-related amortization and depreciation | 13,508 | 10,879 | 33,740 | 30,316 | |||||||||||
Earn-out related charges (1) | 4,882 | 883 | 28,139 | 4,585 | |||||||||||
Share-based compensation related to investment consideration | 375 | 1,168 | 5,079 | 3,705 | |||||||||||
Certain impairments (2) | 9,556 | 37,582 | 9,556 | 40,604 | |||||||||||
Restructuring related charges | 24,790 | — | 25,890 | 381 | |||||||||||
Less: Interest expense associated with Waltham lease | (1,897 | ) | (1,975 | ) | (5,823 | ) | (4,326 | ) | |||||||
Include: Realized gains on currency derivatives not included in operating income | 4,591 | 1,391 | 13,318 | 5,026 | |||||||||||
Adjusted NOPAT (3) | $ | 9,164 | $ | 24,005 | $ | 55,032 | $ | 122,867 | |||||||
Cash taxes paid in the current period (4) | $ | 15,658 | $ | 344 | $ | 35,967 | $ | 11,089 | |||||||
Less: cash taxes paid and related to prior periods (4) | (2,862 | ) | 4,760 | (12,186 | ) | 2,656 | |||||||||
Plus: cash taxes attributable to the current period but not yet paid | (2,508 | ) | 2,343 | (2,330 | ) | 3,982 | |||||||||
Plus: cash impact of excess tax benefit on equity awards attributable to current period | 44 | 1,705 | 4,650 | 4,350 | |||||||||||
Plus: cash tax impact of NOPAT exclusion items | (1,537 | ) | — | (1,537 | ) | — | |||||||||
Less: installment payment related to the transfer of intellectual property in a prior year | (4,097 | ) | (760 | ) | (5,743 | ) | (2,490 | ) | |||||||
Cash taxes attributable to current period | $ | 4,698 | $ | 8,392 | $ | 18,821 | $ | 19,587 |
• | Translation of our non-U.S. dollar revenues and expenses: Revenue and related expenses generated in currencies other than the U.S. dollar could result in higher or lower net (loss) income when, upon consolidation, those transactions are translated to U.S. dollars. When the value or timing of revenue and expenses in a given currency are materially different, we may be exposed to significant impacts on our net (loss) income and non-GAAP financial metrics, such as EBITDA. |
• | Translation of our non-U.S. dollar assets and liabilities: Each of our subsidiaries translates its assets and liabilities to U.S. dollars at current rates of exchange in effect at the balance sheet date. The resulting gains and losses from translation are included as a component of accumulated other comprehensive (loss) income on the consolidated balance sheet. Fluctuations in exchange rates can materially impact the carrying value of our assets and liabilities. |
• | Remeasurement of monetary assets and liabilities: Transaction gains and losses generated from remeasurement of monetary assets and liabilities denominated in currencies other than the functional currency of a subsidiary are included in other (expense) income, net on the consolidated statements of operations. Certain of our subsidiaries hold intercompany loans denominated in a currency other than their functional currency. Due to the significance of these balances, the revaluation of intercompany loans can have a material impact on other (expense) income, net. We expect these impacts may be volatile in the future, although our largest intercompany loans do not have a U.S. dollar cash impact for the consolidated |
• | our failure to adequately execute our strategy or anticipate and overcome obstacles to achieving our strategic goals; |
• | our failure to develop our mass customization platform or the failure of the platform to drive the efficiencies and competitive advantage we expect; |
• | our failure to manage the growth, complexity, and pace of change of our business and expand our operations; |
• | our failure to acquire, at a value-accretive price or at all, businesses that enhance the growth and development of our business or to effectively integrate the businesses we do acquire into our business; |
• | our inability to purchase or develop technologies and other key assets and capabilities to increase our efficiency, enhance our competitive advantage, and scale our operations; |
• | our failure to realize the anticipated benefits of the decentralization of our operations; |
• | the failure of our current supply chain to provide the resources we need at the standards we require and our inability to develop new or enhanced supply chains; |
• | our failure to acquire new customers and enter new markets, retain our current customers, and sell more products to current and new customers; |
• | our failure to identify and address the causes of our revenue weakness in some markets; |
• | our failure to sustain growth in relatively mature markets; |
• | our failure to promote, strengthen, and protect our brands; |
• | our failure to effectively manage competition and overlap within our brand portfolio; |
• | the failure of our current and new marketing channels to attract customers; |
• | our failure to realize expected returns on our capital allocation decisions; |
• | unanticipated changes in our business, current and anticipated markets, industry, or competitive landscape; |
• | our failure to attract and retain skilled talent needed to execute our strategy and sustain our growth; and |
• | general economic conditions. |
• | concerns about buying customized products without face-to-face interaction with design or sales personnel; |
• | the inability to physically handle and examine product samples; |
• | delivery time associated with Internet orders; |
• | concerns about the security of online transactions and the privacy of personal information; |
• | delayed shipments or shipments of incorrect or damaged products; |
• | limited access to the Internet; and |
• | the inconvenience associated with returning or exchanging purchased items. |
• | investments in our business in the current period intended to generate longer-term returns, where the shorter-term costs will not be offset by revenue or cost savings until future periods, if at all; |
• | seasonality-driven or other variations in the demand for our products and services, in particular during our second fiscal quarter; |
• | currency and interest rate fluctuations, which affect our revenues, costs, and fair value of our assets and liabilities; |
• | our hedging activity; |
• | our ability to attract visitors to our websites and convert those visitors into customers; |
• | our ability to retain customers and generate repeat purchases; |
• | shifts in revenue mix toward less profitable products and brands; |
• | the commencement or termination of agreements with our strategic partners, suppliers, and others; |
• | our ability to manage our production, fulfillment, and support operations; |
• | costs to produce and deliver our products and provide our services, including the effects of inflation; |
• | our pricing and marketing strategies and those of our competitors; |
• | expenses and charges related to our compensation arrangements with our executives and employees, including expenses and charges relating to the new long-term incentive compensation program we launched at the beginning of fiscal year 2017; |
• | costs and charges resulting from litigation; |
• | significant increases in credits, beyond our estimated allowances, for customers who are not satisfied with our products; |
• | changes in our income tax rate; |
• | costs to acquire businesses or integrate our acquired businesses; |
• | impairments of our tangible and intangible assets including goodwill; and |
• | the results of our minority investments and joint ventures. |
• | difficulty managing operations in, and communications among, multiple locations and time zones; |
• | difficulty complying with multiple tax laws, treaties, and regulations and limiting our exposure to onerous or unanticipated taxes, duties, and other costs; |
• | our failure to improve and adapt our financial and operational controls to manage our increasingly decentralized business and comply with our legal obligations; |
• | local regulations that may restrict or impair our ability to conduct our business as planned; |
• | protectionist laws and business practices that favor local producers and service providers; |
• | our inexperience in marketing and selling our products and services within unfamiliar countries and cultures; |
• | challenges of working with local business partners; |
• | our failure to properly understand and develop graphic design content and product formats and attributes appropriate for local tastes; |
• | disruptions caused by political and social instability that may occur in some countries; |
• | corrupt business practices, such as bribery or the willful infringement of intellectual property rights, that may be common in some countries or in some sales channels and markets; |
• | difficulty expatriating cash from some countries; |
• | difficulty importing and exporting our products across country borders and difficulty complying with customs regulations in the many countries where we sell products; |
• | disruptions or cessation of important components of our international supply chain; |
• | the challenge of complying with disparate laws in multiple countries; |
• | restrictions imposed by local labor practices and laws on our business and operations; and |
• | failure of local laws to provide a sufficient degree of protection against infringement of our intellectual property. |
• | The business we acquired or invested in may not perform as well as we expected. |
• | We may overpay for acquired businesses, which can, among other things, negatively affect our intrinsic value per share. |
• | We may fail to integrate acquired businesses, technologies, services, or internal systems effectively, or the integration may be more expensive or take more time than we anticipated. |
• | The management of our minority investments and joint ventures may be more expensive or may take more resources than we expected. |
• | We may not realize the anticipated benefits of integrating acquired businesses into our mass customization platform. |
• | We may encounter unexpected cultural or language challenges in integrating an acquired business or managing our minority investment in a business. |
• | We may not be able to retain customers and key employees of the acquired businesses, and we and the businesses we acquire or invest in may not be able to cross sell products and services to each other's customers. |
• | fire, natural disasters, or extreme weather |
• | labor strike, work stoppage, or other issues with our workforce |
• | political instability or acts of terrorism or war |
• | power loss or telecommunication failure |
• | attacks on our external websites or internal network by hackers or other malicious parties |
• | undetected errors or design faults in our technology, infrastructure, and processes that may cause our websites to fail |
• | inadequate capacity in our systems and infrastructure to cope with periods of high volume and demand |
• | human error, including poor managerial judgment or oversight |
• | traditional offline suppliers and graphic design providers; |
• | online printing and graphic design companies, many of which provide products and services similar to ours; |
• | office superstores, drug store chains, food retailers and other major retailers targeting small business and consumer markets; |
• | wholesale printers; |
• | self-service desktop design and publishing using personal computer software; |
• | email marketing services companies; |
• | website design and hosting companies; |
• | suppliers of customized apparel, promotional products and gifts; |
• | online photo product companies; |
• | Internet firms and retailers; |
• | online providers of custom printing services that outsource production to third party printers; and |
• | providers of other digital marketing such as social media, local search directories and other providers. |
• | damage our reputation and brands; |
• | expose us to losses, litigation, enforcement actions, and possible liability; |
• | result in a failure to comply with legal and industry privacy regulations and standards; |
• | lead to the misuse of our and our customers' confidential or personal information; or |
• | cause interruptions in our operations. |
• | incur additional indebtedness, guarantee indebtedness, and incur liens; |
• | pay dividends or make other distributions or repurchase or redeem capital stock; |
• | prepay, redeem, or repurchase certain subordinated debt; |
• | issue certain preferred stock or similar redeemable equity securities; |
• | make loans and investments; |
• | sell assets; |
• | enter into transactions with affiliates; |
• | alter the businesses we conduct; |
• | enter into agreements restricting our subsidiaries’ ability to pay dividends; and |
• | consolidate, merge, or sell all or substantially all of our assets. |
• | Our lenders could declare all outstanding principal and interest to be due and payable, and we and our subsidiaries may not have sufficient assets to repay that indebtedness. |
• | Our secured lenders could foreclose against the assets securing their borrowings. |
• | Our lenders under the credit facility could terminate all commitments to extend further credit under that facility. |
• | We could be forced into bankruptcy or liquidation. |
• | making it more difficult for us to satisfy our obligations with respect to our debt; |
• | limiting our ability to obtain additional financing to fund future working capital, capital expenditures, acquisitions, or other general corporate requirements; |
• | requiring a substantial portion of our cash flows to be dedicated to debt service payments instead of other purposes, thereby reducing the amount of cash flows available for working capital, capital expenditures, acquisitions, and other general corporate purposes; |
• | increasing our vulnerability to general adverse economic and industry conditions; |
• | exposing us to the risk of increased interest rates as some of our borrowings, including borrowings under our credit facility, are at variable rates of interest; |
• | limiting our flexibility in planning for and reacting to changes in the industry and marketplaces in which we compete; |
• | placing us at a disadvantage compared to other, less leveraged competitors; and |
• | increasing our cost of borrowing. |
By: | /s/ Sean E. Quinn | |
Sean E. Quinn | ||
Chief Financial Officer | ||
(Principal Financial and Accounting Officer) |
Exhibit | ||
No. | Description | |
10.1* | Separation Agreement dated February 17, 2017 between Cimpress USA Incorporated and Donald Nelson is incorporated by reference to our Current Report on Form 8-K filed with the Securities and Exchange Commission on February 22, 2017 | |
10.2* | Separation Agreement dated February 17, 2017 between Cimpress USA Incorporated and Lawrence Gold | |
10.3* | Protocol Transactionnel (Settlement Agreement) dated March 22, 2017 between Cimpress France SARL and Ashley Hubka | |
10.4* | Settlement Agreement dated February 17, 2017 between Vistaprint B.V. and Wilhelm G.A. Jacobs | |
31.1 | Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, Rule 13a-14(a)/15d-14(a), by Chief Executive Officer | |
31.2 | Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, Rule 13a-14(a)/15d-14(a), by Chief Financial Officer | |
32.1 | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, by Chief Executive Officer and Chief Financial Officer | |
101 | The following materials from this Annual Report on Form 10-Q, formatted in Extensible Business Reporting Language (XBRL): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations, (iii) Condensed Consolidated Statements of Cash Flows, and (iv) Notes to Condensed Consolidated Financial Statements. |
* | Management contract or compensatory plan or arrangement |
1. | Transition Period. |
CIMPRESS USA INCORPORATED By:/s/Robert Keane Robert Keane Chief Executive Officer Date: 2/17/2017 | /s/Lawrence A. Gold Lawrence A. Gold Date: February 17, 2017 |
__________________________________ Lawrence A. Gold |
SETTLEMENT AGREEMENT | PROTOCOLE TRANSACTIONNEL |
This Settlement Agreement by and between: | Ce protocole transactionnel est conclu par et entre : |
Cimpress France SARL, a limited liability company, with a share capital of €1,000, registered with the Commercial Registry of Paris under number 452 977 382, with its headquarter at 4 Square Edouard VII, 75009 Paris (France), represented by Mr. Robert Keane, in his capacity of General Manager. | Cimpress France SARL, société à responsabilité limitée au capital de 1,000 €, immatriculée au Registre du Commerce et des Sociétés de Paris sous le numéro 452 977 382, dont le siège social est situé 4 Square Edouard VII, 75009 Paris (France), représentée par Monsieur Robert Keane, agissant en qualité de Gérant. |
Hereinafter “Company” or “Cimpress” On the one hand, | Ci-après “la Société” ou “Cimpress” D’une part, |
and | Et |
Ashley HUBKA | Ashley HUBKA |
Hereinafter “Executive” or “Employee” On the other hand, | Ci-après « la Salariée » D’autre part, |
is effective as of the date of the last signature below. | entre en vigueur au jour de la dernière signature apposée ci-après. |
Cimpress and the Employee are referred to below as the “Party” or the “Parties” and this settlement agreement is referred to as the “Agreement”. | Cimpress et la Salariée sont désignées ci-après la « Partie » ou les « Parties » et le présent protocole transactionnel est désigné le « Protocole ». |
As used in this Agreement, the term “Cimpress” means Cimpress France SARL when referring to Executive’s employer and “Cimpress Group” means Cimpress N.V. and its subsidiaries and affiliates from time to time. | Aux fins de ce Protocole, le terme « Cimpress » signifie Cimpress France SARL lorsqu’il est fait référence à l’employeur de la Salariée et « Groupe Cimpress » signifie Cimpress N.V. ainsi que, le cas échéant, ses succursales et filiales. |
WHEREAS: | IL EST PREALABLEMENT EXPOSE CE QUI SUIT : |
History of the contractual relationship | Historique de la relation contractuelle |
1.Cimpress hired Executive under an indefinite-term employment agree-ment as from 1 October 2011 and Executive and Cimpress entered into a new, superseding employment agreement dated 16 July 2016 (the “Employment Agreement”). | 1. La Salariée a été engagée par Cimpress sous contrat à durée indéterminée à compter du 1er octobre 2011 ; la Salariée et la Société ont conclu un nouveau contrat de travail (le « Contrat de travail») en date du 16 juillet 2016 en lieu et place du précédent. |
At the time of her termination, the Executive held the position of EVP & Chief Strategy Officer, key executive status, position 3.3, coefficient 270 in accordance with the Collective Bargaining Agreement “Bureaux d’Etudes Techniques”. | Au moment de son licenciement, la Salariée occupait le poste de « EVP and Chief Strategy Officer », statut cadre dirigeant, niveau 3.3, coefficient 270 conformément à la convention collective nationale des « Bureaux d’Etudes Techniques ». |
2. Executive’s base salary is a gross annually fixed amount of €345,000. She was also entitled to an annual housing costs' reimbursement of €40,000 gross and an annual maximum expatriation premium of €135,000 gross. She was also eligible to receive payouts on certain long-term incentive compensation awards. | 2. Le salaire de base de la Salariée est d’un montant brut annuel de 345,000 €. Elle avait également droit à un remboursement annuel pour ses frais de logement à hauteur de 40,000 € bruts et à une prime annuelle d'expatriation d’un montant maximum de 135,000 € bruts. Elle était également admissible au paiement d’une rémunération variable à long terme (« long-term incentive compensation awards »). |
3. During the second half of 2016, the Company and Cimpress Group’s competitiveness was at risk due to the fact that the number of competitors had increased and their activity had evolved, but also due to the fact that the organization was not sufficiently efficient. As a consequence, it was decided to implement a reorganization of Cimpress Group in order to safeguard its competitiveness. In particular, it has been decided to decentralize the vast majority of Cimpress Group’ functions and team members, triggering the elimination of positions, notably in France. | 3. Au cours du second semestre 2016, la compétitivité de Cimpress et du Groupe Cimpress était menacée par le fait que le nombre de concurrents avait augmenté et que leur activité avait évolué, mais aussi parce que l'organisation n'était pas suffisamment efficace. En conséquence, il a été décidé de mettre en œuvre une réorganisation du Groupe Cimpress afin de sauvegarder sa compétitivité. En particulier, il a été décidé de décentraliser la grande majorité des fonctions et des membres des équipes liées au fonctionnement du Groupe Cimpress, entraînant des suppressions de postes, notamment en France. |
4. In the framework of this restructuring, the Company considered the removal of the Executive’s position and the implementation of a redundancy procedure. | 4. Dans le cadre de cette restructuration, la Société a envisagé la suppression du poste de la Salariée et la mise en place d'une procédure de licenciement pour motif économique.4. |
5. In this context, Executive was invited to attend on 8 February 2017 a preliminary meeting to discuss her potential redundancy. This meeting was postponed at the Executive’s request and held on 17 February 2017. Company presented her the challenges Cimpress Group is facing worldwide, and explained that Cimpress has no other choice but to reorganize it-self in order to safeguard its competitiveness, which will lead to the elimination of some positions in the Company. | 5. Dans ce contexte, la Salariée a été convoquée à un entretien préalable prévu le 8 février 2017 en vue de son éventuel licenciement pour motif économique. Cet entretien a été reporté à la demande de la Salariée et a eu lieu le 17 février 2017. La Société lui a présenté les défis auxquels le Groupe Cimpress est confronté dans le monde entier et a expliqué que Cimpress n'a d'autre choix que de se réorganiser pour sauvegarder sa compétitivité, ce qui allait entraîner la suppression de certains postes dans la Société. |
Company also explained that as a consequence of this reorganization, the position of EVP and Chief Strategy Officer occupied by Executive will be eliminated. Cimpress indicated that such cross-functional position which purpose was to define a worldwide strategy to be implemented locally does not have any utility in the contemplated new organization where the strategic decisions should be taken locally. | La Société a également expliqué que, à la suite de cette réorganisation, le poste de « EVP and Chief Strategy Officer » occupé par la Salariée serait supprimé. Cimpress a indiqué qu’un tel poste transversal qui avait pour but de définir une stratégie mondiale à mettre en œuvre localement n'aurait aucune utilité dans la nouvelle organisation envisagée où les décisions stratégiques devraient être prises localement. |
Considering the number of positions eliminated worldwide and the qualification of Executive, the Company could not find any redeployment for her. | Compte tenu du nombre de postes supprimés dans le monde et de la qualification de la Salariée, la Société n'a pu trouver de solution de reclassement pour elle. |
Cimpress also presented Executive the redeployment leave program offered in case of a redundancy. | Cimpress a également présenté à la Salariée le congé de reclassement applicable en cas de licenciement pour motif économique. |
6. Considering the above, Cimpress notified to Executive her termination for economic reasons by registered letter with acknowledgement of receipt dated 28 February 2017. | 6. Compte tenu de ce qui précède, Cimpress a notifié à la Salariée son licenciement pour motif économique par lettre recommandée avec accusé de réception en date du 28 février 2017. |
7. As mentioned in the dismissal letter, Cimpress released Executive from performance of her full notice period as from the date of the notice of termination, i.e. 28 February 2017. | 7. Comme mentionné dans la lettre de licenciement, Cimpress a dispensé la Salariée d’effectuer son préavis à compter de la date de notification du licenciement, soit le 28 février 2017. |
8.Executive did not accept the redeployment leave within the period set forth by law. | 8. La Salariée n’a pas adhéré au congé de reclassement dans les délais légaux. |
Dispute and respective positions of the Parties | Différend et positions respectives des Parties |
1. Executive challenged the validity of her redundancy by registered letter with acknowledgement of receipt dated 14 March 2017. | 1. La Salariée a contesté la validité de son licenciement par lettre recommandée avec accusé de réception en date du 14 mars 2017. |
2. Executive challenged the grounds on which the decision to terminate her for economic reasons was based. | 2. La Salariée a contesté les motifs économiques sur lesquels son licenciement était fondé. |
3. First, Executive considered (i) that no real and serious reason justified her redundancy, since the Company’s reorganization and more specifically her job removal was not necessary in view of the economic situation of the Company and Cimpress Group, (ii) that the Company did not demonstrate the economic elements justifying this reorganization, and (iii) that the Company and Cimpress Group were only trying to cut costs. | 3. Premièrement, la Salariée a considéré (i) qu'aucune cause réelle et sérieuse ne justifiait son licenciement pour motif économique, étant donné que la réorganisation de la Société et plus particulièrement la suppression de son poste n'était pas nécessaire eu égard à la situation économique de la Société et du Groupe Cimpress, (ii) que la Société n'a pas démontré les motifs économiques justifiant cette réorganisation et (iii) que la Société et le Groupe Cimpress essayaient seulement de réduire les coûts. |
4. Second, Executive considered that the Company had not fulfilled its legal redeployment obligation since the Company had not offered to her the available positions corresponding to her qualifications in the various companies of the Cimpress Group. | 4. Deuxièmement, la Salariée a considéré que la Société n'avait pas rempli son obligation de reclassement car elle ne lui avait pas proposé les postes disponibles correspondant à ses qualifications dans les différentes sociétés du Groupe Cimpress. |
5. Third, Executive considered that given Cimpress Group’s decision to decentralize corporate positions, her position had not been eliminated but transferred. | 5. Troisièmement, la Salariée a considéré que, compte tenu de la décision du Groupe Cimpress de décentraliser les postes de direction, son poste n’avait pas été supprimé mais transféré. |
6. Lastly, Executive indicated that the agreement entered into as of 16 February 2016 with Cimpress N.V. and subject to the internal laws of the Commonwealth of Massachusetts (“Executive Retention Agreement”) should have applied, and therefore that she should have been entitled to an additional termination amount in this respect as per article 4.2 (a) (2) of the Executive Retention Agreement and as per article 6.3 of the Employment Agreement. | 6. Enfin, la Salariée a indiqué que l'accord conclu le 16 février 2016 avec Cimpress NV et soumis aux lois internes du Commonwealth du Massachusetts (“Executive Retention Agreement”) aurait dû s'appliquer et, par conséquent, qu'elle aurait dû bénéficier d'une indemnité de rupture supplémentaire conformément à l'article 4.2 (a) (2) de l’Executive Retention Agreement et conformément à l'article 6.3 du Contrat de travail. |
7. Further Executive indicated to Company that she suffers from serious professional, reputational, moral and material losses due to her redundancy. | 7. En outre, la Salariée a indiqué à la Société qu'elle subit un préjudice important tant sur le plan professionnel, moral et matériel que sur le plan de sa réputation du fait de son licenciement pour motif économique. |
8. Moreover, Executive underlined that she suffers from serious financial and career damages resulting from major difficulties to find a similar job corresponding to her responsibilities and to the remuneration she received within the Company due to the current poor economic situation. | 8. De plus, la Salariée souligne qu’elle subit un préjudice financier et professionnel important qui résulte des difficultés sérieuses qu’elle rencontre à retrouver un emploi similaire correspondant à son niveau de responsabilités et de rémunération au sein de la Société en raison de la situation économique actuellement défavorable. |
9. Company maintains that Executive’s redundancy is perfectly justified based on the argumentation detailed in the notice of termination. Moreover, Company maintains that the Executive Retention Agreement does not apply. Therefore, Company challenges the existence of any losses caused by Company or Cimpress Group to Executive. | 9. La Société maintient que le licenciement pour motif économique était parfaitement justifié, comme exposé dans la lettre de licenciement. De plus, la Société maintient que l’Executive Retention Agreement ne s'applique pas. Ainsi, la Société conteste l’existence d’un quelconque préjudice subi par la Salariée et causé par la Société ou le Groupe Cimpress. |
10. Executive maintained that the Executive Retention Agreement applies and warned Company that she intends to file an action before the Labor Court to claim damages for compensation of moral and professional losses resulting from her redundancy. | 10. La Salariée maintient que l’Executive Retention Agreement s’applique et a prévenu la Société qu’elle comptait saisir le Conseil de Prud’hommes pour solliciter réparation du préjudice moral et professionnel qu’elle subit du fait de son licenciement. |
11. In this context and to definitively end the dispute at hand in the best interests of each Party, and to avoid all future issues that this dispute might lead to, the Parties decided to end their dispute by agreeing on the mutual considerations described hereinafter. | 11. C’est dans ce contexte, et afin de définitivement mettre un terme au litige opposant les Parties et tout contentieux qui pourrait en résulter, en respectant au mieux les intérêts de chaque Partie, que celles-ci se sont accordées les concessions réciproques décrites ci-dessous. |
NOW, THEREFORE, aware of the adverse consequences which could be brought about by legal action, in addition to taking into consideration the uncertainties and delays in following such a route, the Parties have decided, in consideration of the agreements, covenants, promises and releases contained herein and such other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, to settle their dispute amicably by agreeing to the mutual concessions set out below, which form the basis of the Agreement and put a definitive end to their dispute: | CONSIDÉRANT donc les conséquences néfastes que pourrait entraîner une action en justice, et compte tenu des incertitudes et des délais liés à l’engagement d'une telle action, les Parties ont décidé, en considération des accords, engagements, promesses et libérations contenues aux présentes et toute autre contrepartie dont la validité et l’utilité sont reconnues par la présente, de régler leur différend à l'amiable en acceptant les concessions mutuelles énoncées ci-dessous qui constituent la base du Protocole et mettent un terme définitif à leur différend : |
Article 1. Termination of Employment | Article 1. Rupture du contrat de travail |
(a) Cimpress and Executive acknowledge and accept that Executive’s employment with the Company was terminated for economic reason as documented by registered letter dated 28 February 2017. The Parties agree that the Employment Contract of Executive irrevocably, automatically and immediately terminates on 31 May 2017 (the “Termination Date”). | (a) Cimpress et la Salariée reconnaissent et acceptent que le Contrat de travail de la Salariée avec la Société a été rompu pour un motif économique comme exposé dans la lettre recommandée en date du 28 février 2017. Les Parties conviennent que le Contrat de travail de la Salariée prend fin irrévocablement, automatiquement et immédiatement le 31 mai 2017 (la “Date de Rupture”). |
Cimpress and Executive acknowledge and accept that the Executive is released from work during her three-month notice period (i.e. 1 March 2017 through 31 May 2017), during which period Cimpress will pay Executive per normal practices in three monthly installments of €52,050.39 gross including the “prime de vacances” owed for the period ending on the Termination Date. | Cimpress et la Salariée reconnaissent et acceptent que la Salariée a été dispensée de l’exécution de son préavis de trois mois (c'est-à-dire du 1er mars 2017 au 31 mai 2017), période pendant laquelle Cimpress paiera le salaire de la Salariée aux échéances habituelles de paie correspondant à trois versements mensuels de 52,050.39 € bruts incluant la prime de vacances due pour la période se terminant à la Date de Rupture. |
(b) At the Termination Date, Cimpress will pay to Executive, subject to all applicable tax withholdings: | (b) À la Date de Rupture, Cimpress versera à la Salariée, les sommes suivantes, éventuellement soumises à charges et impôts selon les règles applicables : |
i. an indemnity in lieu of paid holidays accrued and not used by Executive up until the Termination Date of €49,706.40 gross; | i. Une indemnité de 49,706.40 € bruts à titre d’indemnité compensatrice de congés payés acquis et non pris par la Salariée à la Date de Rupture ; |
ii. the legal severance indemnity as defined in article L. 1234-9 of the French Labor Code and calculated in accordance with the applicable CBA equivalent to an amount of €80,463.03 gross. | ii. Une indemnité légale de licenciement de 80,463.03 € bruts, prévue à l’article L. 1234-9 du Code du travail et calculée conformément à la convention collective nationale applicable. |
(c) Cimpress undertakes to provide Executive with her work certificate, the form required by the Unemployment Fund (“Pôle Emploi”) as well as her final balance and corresponding receipt at the Termination Date. | (c) Cimpress s'engage à remettre à la Salariée son certificat de travail, son attestation Pôle Emploi ainsi que reçu de solde de tout compte et le bulletin de paie correspondant à la Date de Rupture. |
(d) Cimpress acknowledges that the coverage for disability and medical expenses for her, her husband and their two children (“mutuelle santé et prévoyance”) to which Executive is entitled as an employee of the Company will be continued in the conditions set forth by French statutes and regulations until the earlier to occur of (i) 31 May 2018 or (ii) an Early Mutuelle Payment Cessation Event (as defined below). | (d) Cimpress reconnaît que la mutuelle santé et la prévoyance qui couvrent la Salariée, son mari et leurs deux enfants et dont elle bénéficie en tant que salariée de la Société seront maintenues dans les conditions prévues par la législation et la réglementation française jusqu’à la survenance de la première des deux échéances suivantes, soit (i) le 31 mai 2018 soit (ii) un Evènement entraînant la Cessation Anticipée de la Couverture Mutuelle (telle que défini ci-dessous). |
Executive shall endeavor in good faith to give Cimpress as much advance written notice by email to the contact person identified under Cimpress’ signature block below (the “Cimpress Contact Person”) as is reasonably possible regarding the expected occurrence of an Early Mutuelle Payment Cessation Event, but in no event shall Executive give Cimpress such written notice later than the date upon which the Early Mutuelle Payment Cessation Event occurs. | La Salariée s'efforcera en toute bonne foi de prévenir Cimpress par écrit le plus tôt possible par courrier électronique à la personne à contacter identifiée sous la signature de Cimpress ci-dessous (le « Contact Cimpress ») en cas de survenance prévisible d'un Evènement entraînant la Cessation Anticipée de la Couverture Mutuelle, sachant qu’en aucun cas la Salariée ne devra informer Cimpress après la survenance d’un tel évènement. |
For purposes of this Agreement, an “Early Mutuelle Payment Cessation Event” occurs when (i) Executive commences new employment within France or (ii) Executive becomes a resident of a country other than France. | Aux fins du Protocole, un «Evénement entraînant la Cessation Anticipée de la Couverture Mutuelle» survient lorsque (i) la Salariée commence un nouvel emploi en France ou (ii) la Salariée devient résidente d'un autre pays que la France. |
Article 2. Settlement Benefits | Article 2. Concessions de la Société |
Subject to Executive’s compliance with all other terms and conditions of this Agreement and to all other conditions set forth herein, Company shall pay or otherwise provide to Executive the following settlement compensation (the “Settlement Benefits”): | Sous réserve du respect par la Salariée de tous les termes et conditions prévus par le Protocole et de toutes les autres conditions énoncées aux présentes, la Société verse ou accorde à la Salariée les concessions suivantes (les « Concessions de la Société»). |
(a) Cimpress shall make a one-time, lump sum payment to Executive in an amount equal to sum of the target payout amounts scheduled to vest on or about 1 July 2017 in respect of all Cash LTI awards previously granted to Executive under Cimpress’ Cash LTI plan (the “Cash LTI In Lieu Of Payment”). Cimpress shall pay the Cash LTI In Lieu Of Payment to Executive at or before the time that a Cash LTI payout would have been made to Executive had Executive remained regularly employed by Cimpress through the end of Cimpress’ 2017 fiscal year. | (a) Cimpress s’engage à verser à la Salariée un montant forfaitaire unique égal à la somme des montants qu’elle devait recevoir le ou vers le 1er juillet 2017 au titre de toutes les rémunérations variables à long terme (« Cash LTI ») auxquelles la Salariée était éligible en vertu du plan de Cash LTI de Cimpress («Indemnité Cash LTI»). Cimpress paiera l’Indemnité Cash LTI au plus tard à la date à laquelle la Salariée aurait reçu paiement des rémunérations variables en vertu du Cash LTI plan comme si elle avait été régulièrement employée par Cimpress jusqu'à la fin de l'exercice fiscal 2017 de Cimpress. |
The amount of the Cash LTI In Lieu Of Payment represents a gross amount of eighty-four thousand three hundred seventy-five U.S. Dollars ($84,375), which corresponds, for information purposes, to a gross amount of approximately seventy-eight thousand five hundred ninety-nine Euros (€78,599) based on recent currency exchange rates. This payment shall be made on or before 31 August 2017. Cimpress will convert such payment amount from U.S. Dollars to Euros using the exchange rate for 30 June 2017 as is made available in Cimpress’ SAP system (which is the exchange rate resource customarily relied upon by Cimpress personnel to calculate payment amounts for payroll and LTI compensation payment purposes). | Le montant de l’Indemnité Cash LTI représente un montant brut de quatre-vingt-quatre mille trois cent soixante-quinze dollars américains (84,375 $), qui correspond, à titre d'information, à un montant brut d'environ soixante-dix-huit mille cinq cent quatre-vingt-neuf euros (78,599 €) sur la base des taux de change récents. Ce paiement sera effectué au plus tard le 31 août 2017. Cimpress convertira en euros le montant dû calculé en dollars américains en utilisant le taux de change du 30 juin 2017 tel que figurant dans le système SAP de Cimpress (qui est la référence de taux de change habituellement utilisée par le personnel de Cimpress pour calculer les montants de paiement des salaires et les rémunérations variables à long terme). |
(b) With regard to the Cash Retention Bonus award made to Executive under the Cimpress LTI program, Cimpress shall make a one-time, lump sum payment to Executive in an amount equal to the amount scheduled to vest on or about 1 July 2017 under such Cash Retention Bonus award (the “Cash Retention Bonus In Lieu Of Payment”) in lieu of actual payment under such bonus. Cimpress shall pay the Cash Retention Bonus In Lieu Of Payment to Executive at or before the time that a Cash Retention Bonus payout would have been made to Executive had she remained regularly employed by Cimpress through the end of Cimpress’ 2017 fiscal year. | (b)En ce qui concerne la prime de fidélisation (« Cash Retention Bonus ») accordée à la Salariée dans le cadre du programme Cimpress de rémunérations incitatives à long terme (« LTI program »), Cimpress versera un montant forfaitaire unique à la Salariée d'un montant égal à celui qu’elle aurait obtenu le ou vers le 1er juillet 2017 conformément aux conditions d’octroi de la prime de fidélisation (« Indemnité Cash Retention Bonus ») en lieu et place du paiement effectif de cette prime. Cimpress versera l’Indemnité Cash Retention Bonus à la Salariée au moment où la prime de fidélisation aurait dû être versée à celle-ci si elle avait continué à être régulièrement employée par Cimpress jusqu'à la fin de l'exercice fiscal 2017 de Cimpress. |
The amount of the Cash Retention Bonus In Lieu Of Payment represents a gross amount of ninety-six thousand two hundred fifty U.S. Dollars ($96,250), which corresponds, for information purposes, to a gross amount of approximately eighty-nine thousand six hundred forty Euros (€89,640) based on recent currency exchange rates. This payment will be made on or before 31 July 2017. Cimpress will convert such payment amount from U.S. Dollars to Euros using the exchange rate for 30 June 2017 as is made available in Cimpress’ SAP system (which is the exchange rate resource customarily relied upon by Cimpress personnel to calculate payment amounts for payroll and LTI compensation payment purposes). | Le montant de l’Indemnité Cash Retention Bonus représente un montant brut de quatre-vingt-seize mille deux cent cinquante dollars américains (96,250 $) qui correspond, à titre d'information, à un montant brut d'environ quatre-vingt-neuf mille six cent quarante euros (89,640 €) sur la base des taux de change récents. Ce paiement sera effectué au plus tard le 31 juillet 2017. Cimpress convertira en euros le montant dû calculé en dollars américains en utilisant le taux de change du 30 juin 2017 tel que figurant dans le système SAP de Cimpress (qui est la référence de taux de change habituellement utilisée par le personnel de Cimpress pour calculer les montants de paiement des salaires et les rémunérations variables à long terme). |
(c) Cimpress N.V. will accelerate the vesting of Cimpress N.V. restricted share units (“RSUs”) held by Executive that, under the terms of the respective RSU agreements, are scheduled to vest during the period commencing 28 February 2017 and ending on 28 February 2018, so that such RSUs will be fully vested as of 28 February 2017. Executive understands and acknowledges that the vesting of RSUs representing a total of 3,162 Cimpress N.V. shares is expected to be accelerated under this clause. | (c) Cimpress NV réduit la période de blocage des droits différés à unités d'actions à négociation restreinte (« restricted share units » ou «RSU») de Cimpress NV détenues par la Salariée qui, aux termes des accords RSU respectifs, auraient dû être débloqués au cours de la période commençant le 28 février 2017 et se terminant le 28 février 2018 de sorte que ces RSU seront entièrement acquises à compter du 28 février 2017. La Salariée comprend et reconnaît que l'acquisition anticipée des RSU en vertu de cette clause représente un total de 3,162 actions. |
Executive is aware that the income derived from the granting of such RSUs will depend on the value of Cimpress N.V. shares at the time of sale by Executive. | La Salariée est informée que le bénéfice tiré de l'octroi de ces RSU dépendra de la valeur des actions Cimpress N.V. au moment de la vente de celles-ci par la Salariée. |
(d) Cimpress shall fully accelerate the service-based vesting of 25% of the Cimpress N.V. performance share units (“PSUs”) granted to Executive (rounded to a whole share, which represents 2,574 PSUs), so that such PSUs will be vested (from a service time standpoint only) as of 28 February 2017. Executive acknowledges that the PSUs will be fully vested only if the performance targets are actually achieved under the conditions provided in the plan attached to this Agreement (Annex 1). Executive is aware that if the performance conditions applicable to the PSUs are not achieved, the PSUs will be cancelled and Executive will be issued no shares in respect of such PSUs. | (d)Cimpress valide entièrement l'acquisition de 25% des actions de performance (« Performance Share Units » ou «PSU») de Cimpress NV attribuées à la Salariée (arrondi à une action entière, ce qui représente 2,574 PSUs), de sorte que ces PSU seront acquises (du point de vue de la condition de présence uniquement) à compter du 28 février 2017. La Salariée reconnaît que les PSU ne seront entièrement acquises que si les objectifs de performance sont effectivement atteints dans les conditions prévues dans le plan joint au présent Protocole (Annexe 1). La Salariée est consciente que si les objectifs de performance applicables aux PSU ne sont pas atteints, les PSU seront annulés et la Salariée ne sera éligible à l’attribution d’aucune PSU. |
(e) Cimpress, which does not per se recognize the merits of Executive’s allegations, undertakes to make a lump-sum payment to Executive not later than 31 May 2017 in a gross amount equal to one hundred fifty-three thousand five hundred eighty-six Euros (€153,586) in compensation of the prejudice alleged by Executive. | (e) Cimpress, qui ne reconnaît pas en soi le bien-fondé des allégations de la Salariée, s'engage à verser à la Salariée, au plus tard le 31 mai 2017, un montant forfaitaire de cent cinquante-trois mille cinq cent quatre-vingt-six euros (153,586 €) en réparation du préjudice allégué par la Salariée. |
(f) If an Early Mutuelle Payment Cessation Event occurs prior to 28 February 2018, then to assist Executive with healthcare expenses that she may incur with respect to the period between the date of the Early Mutuelle Payment Cessation Event and 28 February 2018, inclusive (the “Healthcare Expenses Support Period”), Cimpress shall make payment to Executive in the amount of €2,000 gross per calendar month falling within the Healthcare Expenses Support Period. | (f) Si un Evènement entraînant la Cessation Anticipée de la Couverture Mutuelle devait se produire avant le 28 février 2018, et de manière à assister la Salariée s’agissant des frais de santé qu'elle serait amenée à supporter durant la période comprise entre la date de l’Evènement entraînant la Cessation Anticipée de la Couverture Mutuelle et le 28 février 2018 inclus (la «Période de Prise en Charge de la Mutuelle Santé»), Cimpress s’engage à verser à la Salariée un montant brut de 2,000 € par mois calendaire compris dans la Période de Prise en Charge de la Mutuelle Santé. |
For any partial calendar month fall in the Healthcare Expenses Support Period, the payment amount shall be prorated based on the actual number of days remaining in such month. Such payments shall be made on a monthly basis for each month (or partial month, as the case may be) falling within the Healthcare Expenses Support Period and shall be paid through Cimpress’ regular monthly payroll process. | Pour tout mois incomplet compris dans cette période, le montant du paiement sera calculé au prorata du nombre réel de jours restants dans ce mois. Ces paiements sont effectués sur une base mensuelle (ou au prorata le cas échéant) chaque mois échu durant la Période de Prise en Charge de la Mutuelle Santé et seront payés aux échéances habituelles de paie de Cimpress. |
(g) Cimpress shall arrange for Executive to receive, at Cimpress’ expense, outplacement services from an outplacement services’ firm selected by Executive and engaged by Cimpress (the “Outplacement Services”). The Outplacement Services shall be provided during the period commencing within a reasonable time following the effective date of this Agreement and ending upon the earlier of (i) Executive’s acceptance of new employment or (ii) 28 February 2018. The Outplacement Services’ costs borne by Cimpress shall not exceed $50,000 if invoiced in United States Dollars or €47,000 (ex. VAT) if invoiced in Euros. No cash payments in lieu will be made to Executive in the event Executive elects not to utilize any or all of the Outplacement Services. | (g) Cimpress veillera à ce que la Salariée reçoive, aux frais de Cimpress, des services de reclassement d'un cabinet spécialisé dans ce domaine sélectionné par la Salariée et engagé par Cimpress (les «Services d'Outplacement»). Les Services d'Outplacement seront fournis pendant la période commençant dans un délai raisonnable suivant la date de conclusion du Protocole et se terminant à la date de survenance du premier des évènements suivants : (i) l'acceptation par la Salariée d'un nouvel emploi ou (ii) le 28 février 2018. Le coût des Services d'Outplacement supporté par Cimpress ne doit pas dépasser 50,000 $ s’ils sont facturés en dollars américains ou 47,000 € (Hors taxes) s’ils sont facturés en euros. Aucune indemnité compensatrice ne sera versée à la Salariée dans le cas où la Salariée choisirait de ne pas utiliser tout ou partie des Services d'Outplacement. |
(h) Cimpress shall provide Executive with the same level of tax filing assistance with regard to Executive’s tax filings in France and in the U.S.A. for calendar year 2016 and calendar year 2017 that it has provided to Executive with regard to her calendar year 2015 tax filings. The tax filling assistance will be provided by the accounting firm of Cimpress’ choosing. | (h) Cimpress fournira à la Salariée le même niveau d'assistance en matière de déclaration fiscale pour les déclarations fiscales de la Salariée en France et aux États-Unis d’Amérique pour l'année civile 2016 et l'année civile 2017 que celle qu'elle avait fournie à la Salariée pour ses déclarations fiscales de l'année civile 2015. L'assistance fiscale sera fournie par le cabinet comptable choisi par Cimpress. |
The above amounts paid to Executive are gross amounts. Executive is fully aware of social and tax legislation pertaining to these amounts. | Les montants ci-dessus versés à la Salariée sont des montants bruts. La Salariée est pleinement consciente de la législation sociale et fiscale applicables à ces sommes. |
If any payment to be made by Cimpress to Executive under this Agreement is subject to a withholding obligation, Cimpress may make such payment to Executive through its customary payroll process. | Si un paiement effectué par Cimpress à la Salariée en vertu du Protocole est soumis à prélèvements, Cimpress sera susceptible d’effectuer ce paiement à la Salariée par le biais de son processus habituel de paie. |
With regard to any payment to be made by Cimpress to Executive under this Agreement that is not subject to a withholding obligation, Cimpress shall make such payment to Executive by bank wire transfer to Executive’s bank account using the wire transfer details attached hereto as Annex 2. | En ce qui concerne tout paiement effectué par Cimpress à la Salariée en vertu du Protocole qui n'est pas soumis à prélèvements, Cimpress sera susceptible d’effectuer ce paiement à la Salariée par virement bancaire au bénéfice du compte bancaire de la Salariée dont les détails sont joints à l’Annexe 2. |
Article 3. Certain Executive acknowledgements | Article 3. Certaines déclarations de la Salariée |
Executive understands and acknowledges the following, owing to her separation from employment with Company as of the Termination Date. | La Salariée comprend et reconnaît ce qui suit, à raison de la cessation de son Contrat de Travail avec la Société à la Date de Rupture. |
(a) Executive expressly acknowledges and accepts that the Settlement Benefits described in Article 2 take into consideration all of the circumstances and conditions under which Executive departed from Company and the various circumstances described in this Agreement. | (a) La Salariée reconnaît et accepte expressément que les Concessions de la Société décrites à l'Article 2 tiennent compte de toutes les circonstances et conditions dans lesquelles la Salariée a quitté la Société et les diverses circonstances décrites dans le Protocole. |
(b) Executive expressly acknowledges and accepts that the statutory payments mentioned in Article 1 (“Statutory Payments”) and the Settlement Benefits mentioned in Article 2 when paid by Company and the other companies of the Cimpress Group, compensate all damages which have already arisen or that will arise, proceeding and/or coming from (i) the effective termination of employment with Company, (ii) as well as the consequences of such termination. Upon total payment of the Statutory Payments and Settlement Benefits, Executive acknowledges and accepts that she is compensated in whole for any losses and irrevocably waives any and all claims and demands against Company and all entities of the Cimpress Group as described in Article 7 below. | (b) La Salariée reconnaît expressément et accepte que les paiements obligatoires mentionnés à l'Article 1 (« Paiements Obligatoires ») et les Concessions de la Société mentionnées à l'Article 2, payées par la Société et d’autres sociétés du Groupe Cimpress, indemnisent tous les dommages déjà survenus ou qui surviendront, procédant ou résultant de (i) la rupture effective des relations de travail avec la Société, (ii) ainsi que les conséquences de cette rupture. A compter du paiement intégral des Paiements Obligatoires et des Concessions de la Société, la Salariée reconnaît et accepte avoir été indemnisée en totalité pour tout préjudice et renonce irrévocablement à toute réclamation et demande à l’encontre la Société et toutes les entités du Groupe Cimpress dans les conditions décrites à l'Article 7 ci-dessous. |
(c) Executive acknowledges and accepts that she is informed of the consequences with respect to tax and social security in relation to the amounts paid under the Agreement and undertakes to pay directly, as the case may be, all amounts requested by the tax administration. | (c) La Salariée reconnaît et accepte avoir été informée de toutes les conséquences fiscales et sociales liées au paiement des sommes versées en application du Protocole et s’engage, le cas échéant, à payer directement toutes les sommes qui lui seraient réclamées par l’administration fiscale. |
(d) Executive acknowledges and accepts that she is informed that (i) the Settlement Benefits must be disclosed by Cimpress to the “Pôle Emploi” and (ii) of the waiting period required by “Pôle Emploi” before she can claim unemployment benefits. | (d) La Salariée reconnaît et accepte avoir été informée (i) que le Pôle Emploi doit être informé du versement des Concessions de la Société et (ii) de l’existence d’une période de carence avant de pouvoir bénéficier de ses allocations chômage. |
(e) Executive acknowledges and accepts that she benefited from a sufficient amount of time prior to the signature of the Agreement. | (e) La Salariée reconnaît et accepte qu'elle a bénéficié d'un délai suffisant préalablement à la signature du Protocole. |
(f) All of Executive’s rights to participate in and receive payouts under the Cimpress Cash LTI plan terminate effective as of the Termination Date. | (f) Tous les droits que le Salarié pourrait tirer de sa participation et de son éligibilité au paiement d’une rémunération variable à long terme (« Cash LTI plan ») de Cimpress cessent à la Date de Rupture. |
(g) All unvested RSUs and PSUs held by Executive (after giving effect to the acceleration contemplated in Article 2 above) will be forfeited effective as of the Termination Date. | (g) Toutes les RSU et les PSU détenues par la Salariée et encore non acquises (après prise en compte du mécanisme d’accélération exposé à l'article 2 ci-dessus) seront perdues à compter de la Date de Rupture. |
Article 4. Non-disclosure obligations | Article 4. Obligations de confidentialité |
Executive acknowledges the invention and non-disclosure agreement entered into on 16 July 2016 between her and Cimpress (“Non-Disclosure Agreement”) and acknowledges and accepts her obligation according to this agreement to keep confidential and not to disclose any and all non-public information owned by or relating to the Cimpress Group, including, but not limited to, any non-public information concerning the Cimpress Group’s business affairs, business prospects and financial condition, remains in full force and effect, subject to Article 10 below. | La Salariée reconnaît l’existence de l'accord relatif aux inventions et aux clauses de confidentialité conclu le 16 juillet 2016 entre elle et Cimpress (« Accord de Confidentialité ») et reconnaît et accepte que ses obligations à ce titre de garder confidentielle et de ne pas divulguer toute information non publique appartenant au Groupe Cimpress ou s'y rapportant, y compris, mais sans s'y limiter, toute information non publique concernant les affaires commerciales, les perspectives commerciales et la situation financière du Groupe Cimpress, qui restent en vigueur, sous réserve de l'article 10 ci-dessous. |
Article 5. Return of Company property; Other agreements | Article 5. Restitution des biens de la Société ; Autres accords |
(a) Executive agrees and warrants that, except as expressly provided below, Executive will return to Company on or before 31 March 2017 all keys, files, records (and copies thereof), equipment (including, but not limited to, computer hardware, software and printers, wireless handheld devices, cellular phones, pagers, etc.), Cimpress identification and any other Cimpress-owned or Cimpress-leased property in her possession or control and will leave intact all electronic Cimpress documents, records and files, including but not limited to those that Executive developed or helped to develop during her employment with Cimpress. | (a) La Salariée accepte et s’engage à remettre à la Société au plus tard le 31 mars 2017 toutes clés, fichiers, dossiers (et copies de ceux-ci), équipements (incluant, mais sans s’y limiter, ordinateur et logiciel, imprimante, appareils sans fil, téléphones mobiles, pagers, etc), code d’identification Cimpress, ainsi que tous autres biens appartenant ou loués par Cimpress qu’elle aurait en sa possession ou sous son contrôle, et laissera intact tous documents électroniques de Cimpress, fichiers et documents, incluant mais ne se limitant pas à, ceux que la Salariée a développé ou aidé à développer au cours de l’exécution de son Contrat de Travail avec Cimpress. |
Executive further agrees and warrants that on or before her last day of employment with Cimpress, she will have cancelled all accounts for her benefit, if any, in Cimpress’ name, including but not limited to, credit cards, telephone charge cards, cellular phone and/or pager accounts and computer accounts. | La Salariée accepte et s’engage en outre à résilier au plus tard le dernier jour de son Contrat de Travail tout compte dont elle bénéficiait, au nom de Cimpress, incluant mais sans se limiter aux cartes de crédits, cartes Sim prépayées, téléphone portable et/ou compte de pager et compte informatique. |
In addition, Executive agrees and warrants that Executive will transfer to Company on or before 31 March 2017 all rights in and control over (including all logins, passwords and the like) any and all accounts, social media accounts, subscriptions and/or registrations, electronic or otherwise, that Executive opened and/or maintained in her own name, but on behalf of or for the benefit of Cimpress, during the course of her employment and not to access or do anything that may directly or indirectly inhibit or prevent Company from accessing any and all of the accounts, social media accounts, subscriptions and registrations. | De plus, la Salariée accepte et s’engage, à transférer à la Société au plus tard à le 31 mars 2017 tout droit et contrôle (incluant les identifiants, mots de passe et semblables) sur les comptes, médias sociaux, souscriptions et/ou enregistrement , électronique ou autre, que la Salariée a ouvert et/ou entretenu en son nom pour le compte de Cimpress, au cours de l’exécution de son Contrat de Travail. Elle s’engage aussi à ne pas refuser ou agir de quelle que manière que ce soit visant à empêcher directement ou indirectement la Société d’accéder à un ou tout compte, compte de médias sociaux, souscription ou enregistrement. |
Executive agrees that, in the event that any such transfers have not been fully implemented as of the Termination Date, Executive will execute such instruments and other documents and take such other steps as Company may reasonably request from time to time in order to complete the transfer of any such accounts, subscriptions and/or registrations. | La Salariée accepte que dans l’éventualité où certains transferts n’auraient pas été complètement réalisés au jour de la Date de Rupture, la Salariée prendra les mesures raisonnablement et ponctuellement demandées par la Société afin de compléter le transfert de ces comptes, souscriptions ou enregistrements. |
Notwithstanding the foregoing, Cimpress agrees (i) to transfer to Executive her Cimpress-issued Apple iPhone 7 (including the embedded SIM card and associated accessories), subject to such iPhone first being “wiped” by Cimpress IT personnel to remove all Cimpress-related software and data, and (ii) to take reasonable steps to support and assist Executive’s efforts to port the mobile number currently associated with such phone to a personal mobile service plan opened or maintained by Executive. Executive shall use her best efforts to complete such porting of the mobile number by 31 March 2017. | Par exception à qui précède, Cimpress accepte (i) de transférer à la Salariée la propriété de l’Apple iPhone 7 qui lui avait été remis par Cimpress (y compris la carte SIM intégrée et les accessoires associés), sous réserve que cet iPhone soit d'abord « effacé » par le personnel informatique de Cimpress pour supprimer tous les logiciels et données Cimpress et (ii) de prendre des mesures raisonnables pour aider la Salariée dans ses démarches de portabilité du numéro de téléphone mobile actuellement associé à ce téléphone vers un contrat de service mobile personnel ouvert au nom de la Salariée. La Salariée fera tout son possible pour achever la portabilité du numéro de téléphone portable d'ici le 31 mars 2017. |
(b) Subject to Article 10 below, all post-contractual clauses contained in the Employment Agreement and related agreements will survive and remain in full force after the Termination Date, including, without limitation, the Non-Disclosure Agreement, the provisions of the non-competition and non-solicitation agreement entered into on 16 July 2016 (the “Non-Competition and Non-Solicitation Agreement”) that do not conflict with Article 6 below, and clauses in article 9 (Obligations on termination) within the Employment Agreement. | (b) Sous réserve de l'article 10 ci-dessous, toutes les clauses post-contractuelles du Contrat de Travail et des accords connexes survivront et resteront en vigueur après la Date de Rupture, y compris, sans limitation, l’Accord de Confidentialité, les dispositions de l’accord de non-concurrence et de non-sollicitation signé le 16 juillet 2016 (« Accord de Non-concurrence et de Non-Sollicitation ») qui ne sont pas en contradiction avec l'article 6 ci-dessous et les clauses de l'article 9 (obligations relatives à la rupture) du Contrat de Travail. |
(c) The Parties agree that the Indemnification Agreement between Executive and Cimpress N.V. made as of 1 February 2014 (the “Indemnification Agreement”) will survive and remain in full force and effect following the Termination Date. | (c) Les Parties conviennent que l’accord d'indemnisation (« Indemnification Agreement ») conclu entre la Salariée et Cimpress N.V. le 1er février 2014 (l’ « Accord d’Indemnisation ») survivra et restera en vigueur après la Date de Rupture. |
Article 6. Non-competition and non-solicitation obligations | Article 6. Obligation de non- concurrence et de non- sollicitation |
(a) Executive further acknowledges and accepts her obligations under the Non-Competition and Non-Solicitation Agreement relative to post-contractual non-competition and non-solicitation terms and conditions which also remains in full force and effect. In this respect, Executive further acknowledges and accepts that she will be bound by the Non-Competition and Non-Solicitation Agreement during the remainder of her employment with Cimpress and for a 12-month period commencing 1 March 2017 (the “Post-Termination Period”). | (a) La Salariée reconnaît et accepte également ses obligations en vertu de l’Accord de Non-concurrence et de Non-Sollicitation relatif aux conditions post-contractuelles de non-concurrence et de non-sollicitation qui restent en vigueur. À cet égard, la Salariée reconnaît et accepte qu'elle sera liée par l’Accord de Non-concurrence et de Non-Sollicitation jusqu’au terme de son emploi chez Cimpress et pour une période de 12 mois commençant le 1er mars 2017 (la « Période Post-Contractuelle »). |
The Parties agree that, notwithstanding anything to the contrary in the Non-Competition and Non-Solicitation Agreement, the gross monthly compensation payable by Cimpress to Executive for the non-competition and non-solicitation obligation during the Post-Termination Period, inclusive of the indemnity in lieu of paid holidays accrued, shall be twelve thousand six hundred fifty Euros (€12,650). | Les Parties conviennent que, nonobstant toute disposition contraire de l’Accord de Non-concurrence et de Non-Sollicitation, l’indemnité mensuelle brute payable par Cimpress à la Salariée en contrepartie du respect de l'obligation de non-concurrence et de non-sollicitation pendant la Période Post-Contractuelle, incluant l’indemnité compensatrice de congés payés, s'élève à douze mille six cent cinquante euros (12,650 €). |
During the Post-Termination Period, Cimpress will pay Executive per normal payroll practices monthly installments amounting to the net amount (after applicable withholdings) corresponding to the gross monthly amount set above. | Au cours de la Période Post-Contractuelle, Cimpress paiera à la Salariée, selon les procédures usuelles de paie, des mensualités correspondant au montant net (après déduction des retenues applicables) correspondant au montant mensuel brut ci-dessus. |
(b) The Executive undertakes not to engage into acts and practices of unfair competition towards Company and any other entity of the Cimpress Group, and in particular not to solicit and divert for her own profit or any other profit of any third party assets, suppliers and customers of Company or any other entity of the Cimpress Group. | (b) La Salariée s’engage à ne pas exercer d’activités concurrentielles ou de s’adonner à des pratiques déloyales à l’égard de la Société et de toute autre entité du Groupe Cimpress, et en particulier à ne pas solliciter ou détourner pour son profit ou le profit de tiers, les fournisseurs et clients de la Société ou de toute autre entité du Groupe Cimpress. |
Article 7. General Release and Waiver of All Claims | Article 7. Renonciation à toutes instances et actions |
In consideration of the compensation and other benefits provided for in this Agreement, Executive hereby fully, forever, irrevocably and unconditionally releases, remises and discharges Cimpress, its corporate affiliates (including, without limitation, Cimpress N.V.) and its and their respective officers, directors, employees, stockholders, subsidiaries, parent companies, agents and representatives (each in their individual and corporate capacities) (the “Released Parties”) from any and all claims, charges, complaints, demands, actions, causes of action, suits, rights, debts, sums of money, costs, accounts, reckonings, covenants, contracts, agreements, promises, doings, omissions, damages, executions, obligations, liabilities and expenses, of every kind and nature which Executive has ever had or now has against the Released Parties in any way arising out of or relating to her employment with Cimpress, the termination of her Employment Contract and/or any other dealings Executive has had with Cimpress, including, but not limited to, all claims under French laws, French Civil Code, French Labor Code, national or sectoral collective labor agreements, company collective bargaining agreements, unilateral undertakings, practices and any other legal theory or justification. | En considération de l’indemnité et des autres concessions prévues par le Protocole, la Salariée libère, décharge et exonère de manière totale, définitive, irrévocable et inconditionnelle Cimpress, ses sociétés filiales (incluant, sans réserve, Cimpress N.V.) et leurs mandataires, directeurs, salariés, actionnaires, succursales, sociétés mères, agents et représentants respectifs (en tant que personne privée et en tant que mandataire) (les « Parties Libérées ») de tous autres prétentions, demandes, accusations, plaintes, actions, causes d’actions, instances, droits, dettes, sommes d’argent, coûts, comptes, liquidations, engagements, contrats, accords, promesses, agissements, omissions, dommages, exécutions, obligations, passifs et dépenses, de toute nature et de tout type, que la Salariée a pu avoir contre les Parties Libérées, découlant de quelle que façon que ce soit de la relation qui la liait à Cimpress, à la rupture de son Contrat de Travail, et/ou de tous autres rapports que la Salariée a eu avec Cimpress, incluant, mais sans se limiter à, toutes les demandes sur le fondement de la loi française, du code civil français, du code du travail français, des accords collectifs nationaux ou territoriaux, des accords d’entreprise, des engagements unilatéraux, pratiques ou tout autre théories légales ou fondements. |
This general release and waiver of all claims specifically includes, but is not limited to, any and all remuneration whatever the nature including base salary, overtime pay, compensatory time off, bonuses of any kind, short and long term incentive plans and miscellaneous compensation, benefit in kind, invention compensation, working time reduction days indemnity, commission, dismissal indemnity, pay in lieu of holidays, non-competition indemnity, hours of job research indemnity, damages for the lost opportunity to make gains on RSUs, PSUs and Cash LTIs or any claims to any non-vested equity or other ownership interest in Cimpress and Cimpress Group or claims to shares or share options, pay in lieu of notice period, redeployment leave and rehiring priority, profit-sharing, as well as housing and car allowances and professional expenses reimbursement, any and all compensatory, exemplary and liquidated damages. | Cette renonciation à toutes instances et actions inclut spécifiquement, mais n’est pas limité à, toutes rémunérations de quelle que nature qu’elles soient, incluant le salaire de base, les heures supplémentaires, l’indemnité de repos compensateur, tous les types de bonus, les rémunération variable à longs et courts termes et compensations diverses, les avantages en nature, les indemnités d’inventeur, les indemnités compensatrices de RTT, les commissions, les indemnités de licenciement, les indemnités compensatrices de congé payé, les indemnités de non-concurrence, les indemnités compensatrices pour heures de recherche d’emploi, les indemnités pour perte de chance sur les RSUs, PSUs, et intéressements à longs termes (Cash LTIs) et toutes demandes au titre de droits non acquis sur des parts sociales de Cimpress ou d’autres sociétés du Groupe Cimpress, de demandes d’actions ou d’options d’achat d’actions, d’indemnité de préavis, d’indemnité liée au congé de reclassement ou à la priorité de réembauchage, participation aux bénéfices, le remboursement des frais de véhicule et de logement et des dépenses professionnelles ainsi que tous types de dommages-intérêts. |
This general release and waiver of all claims does not cover claims that cannot be waived as a matter of law. | Toutefois cette clause de renonciation à toutes instances et actions n’est pas applicable aux demandes auxquelles il n’est pas possible de renoncer selon la loi. |
This general release and waiver of all claims shall not affect (i) any of Executive’s vested rights in her equity plan, all of which shall be governed by the terms of the said plans or (ii) Executive’s rights under the Indemnification Agreement. | Cette renonciation à toutes instances et actions n’affectera pas (i) les droits acquis et restant acquis par la Salariée en application de plan d’attribution d’actions (« equity plan »), qui seront régis par les termes du plan précité ou (ii) les droits de la Salariée en vertu de l’Accord d'Indemnisation. |
Company agrees that Executive is not releasing any claims or rights Executive may have for indemnification under applicable law or any governing document of Company or any Company affiliate, or under any indemnification agreement with Company or any Company affiliate (including, without limitation, the Indemnification Agreement), or under any insurance policy providing directors’ and officers’ coverage for any lawsuit or claim relating to the period when Executive was a director, officer, or Executive of Company or any Company affiliate; provided however that: | La Société accepte que la Salariée ne renonce à aucune demande ou aucun droit d’indemnisation que la Salariée pourrait avoir en vertu de la loi applicable ou de tout document régissant la Société ou une société filiale ou tout accord d'indemnisation conclue avec la Société ou une société filiale (y compris, sans s’y limiter, l’Accord d’Indemnisation) ou dans le cadre d'une police d'assurance protégeant les administrateurs et les dirigeants de toute poursuite ou demande relative à la période au cours de laquelle la Salariée était administratrice, mandataire social ou dirigeante de la Société ou de toute société affiliée, étant toutefois précisé que : |
(i) this acknowledgement is not a concession, acknowledgment, or guaranty that Executive has any such rights to indemnification or coverage, (ii) this Agreement does not create any additional rights for Executive to indemnification or coverage, and (iii) Company or any Company affiliate, as applicable, retains any defenses it may have to such indemnification or coverage. | (i) cette reconnaissance ne crée pas de concession, reconnaissance ou garantie pour la Salariée de bénéficier d’une telle indemnisation ou d’une telle garantie, (ii) le Protocole ne crée aucun droit à indemnisation ou garantie supplémentaire au bénéfice de la Salariée, (iii) la Société ou toute société affiliée, selon le cas, conserve le droit de faire valoir tous moyens de défense qu'elle peut avoir face à une telle demande d’indemnisation ou de garantie. |
Article 8. Representations | Article 8. Déclarations |
Executive represents that: (i) she has read this Agreement including the release set forth in Article 7 above, carefully and understands all its provisions; and (ii) the benefits are above and beyond the payments or benefits otherwise owed to Executive under the terms of her employment with Cimpress or required by law. | La Salariée déclare : (i) qu’elle a pris connaissance du Protocole, ainsi que de la renonciation prévue à l’article 7 ci-dessus, de manière attentive et comprend toutes ses stipulations ; et (ii) que les concessions sont supérieures aux droits auxquels la Salariée aurait pu prétendre en application de son Contrat de Travail avec Cimpress ou de la loi. |
Article 9. Non-Disparagement | Article 9. Non dénigrement |
To the extent permitted by law, Executive understands and agrees that as a condition of her receipt of the compensation and other benefits provided to Executive under this Agreement, she shall not make any false, disparaging or derogatory statement to any person or entity, including any media outlet, regarding Cimpress’ and Cimpress Group’s business affairs or financial condition. | Dans la limite de ce qui est autorisée par la loi, la Salariée comprend et accepte qu’en conséquence du paiement de l’indemnité et des autres avantages prévus par le Protocole, la Salariée s’engage à ne pas faire de fausses déclarations, dénigrantes ou désobligeantes à toutes personnes ou entités, organes de presse compris, concernant l’activité ou la situation financière de Cimpress et du Groupe Cimpress. |
Notwithstanding the foregoing, this Article 9 does not apply to any statements or other communications covered by or contemplated in Article 10 below. | Nonobstant ce qui précède, cet article 9 ne s'applique pas aux déclarations ou autres communications couvertes ou visées à l'article 10 ci-dessous. |
Article 10. Preservation of certain rights | Article 10. Préservation de certains droits |
The Parties agree that nothing in this Agreement or the Employment Contract shall be interpreted or applied to limit Executive’s right to file a charge or complaint with or to report possible violations of U.S. federal law to the U.S. Securities and Exchange Commission or any other U.S. federal agency. The Parties further agree that nothing in this Agreement or the Employment Contract shall be interpreted or applied to limit Executive’s right (i) to provide information or documents to or otherwise communicate with such governmental agencies or to participate in any investigation or proceeding that may be conducted by such governmental agencies, in each case without notice to Cimpress, or | Les Parties conviennent qu'aucune disposition du présent Protocole ou du Contrat de Travail ne doit être interprétée ou appliquée comme limitant le droit de la Salariée de d’introduire une action ou déposer une plainte ou de signaler d'éventuelles violations de la loi fédérale américaine à la U.S. Securities and Exchange Commission ou tout autre agence fédérale américaine. Les Parties conviennent en outre qu'aucune disposition du Protocole ou du Contrat de Travail ne doit être interprétée ou appliquée en vue de limiter le droit de la Salariée (i) de fournir des renseignements ou des documents ou de communiquer avec ces agences gouvernementales ou de participer à toute enquête ou procédure pouvant être menée par ces agences gouvernementales, dans chaque cas sans avoir à en informer Cimpress, ou |
(ii) to receive or fully retain a monetary award from a government-administered whistleblower award program for providing information directly to a governmental agency. | (ii) recevoir ou conserver intégralement une indemnité pécuniaire d'un programme gouvernemental de récompense des lanceurs d’alerte pour fournir des informations directement à une agence gouvernementale. |
Article 11. Corporate Appointments Cimpress confirms that Executive does not currently hold any offices, directorships or similar appointments with Cimpress or any Cimpress Group company or affiliate. | Article 11. Mandats sociaux Cimpress confirme que la Salariée ne détient actuellement aucune charge, mandat social ou autre position similaire au sein de Cimpress ou de toute société du Groupe Cimpress ou société filiale. |
Article 12. Amendment | Article 12. Révision |
This Agreement shall be binding upon the Parties and may not be modified in any manner, except by an instrument in writing of concurrent or subsequent date signed by duly authorized representatives of the Parties hereto. This Agreement is binding upon and shall inure to the benefit of the Parties and their respective agents, assigns, heirs, executors, successors and administrators. | Ce Protocole est juridiquement contraignant à l’égard des Parties et ne pourra pas être modifié, de quelque manière qu’il soit, sauf par accord écrit signé à la même date ou à une date postérieure au Protocole, par des représentants dûment autorisés des Parties. Ce Protocole lie les Parties et sera applicable à celles-ci, ainsi que leurs agents, ayants- droits, successeurs, créanciers et administrateurs respectifs. |
Article 13. No waiver | Article 13. Absence de renonciation |
No delay or omission by either Party in exercising any right under this Agreement shall operate as a waiver of that or any other right. A waiver or consent given by a Party on any one occasion shall be effective only in that instance and shall not be construed as a bar or waiver of any right on any other occasion. | Aucun délai ou omission d’une des Parties dans l’exercice d’un droit acquis au terme de ce Protocole ne vaudra renonciation du droit en question ou de tout autre droit. Une renonciation ou un consentement ponctuellement donné par une Partie n’aura d’effet que pour le droit en question et ne pourra pas valablement valoir renonciation ou exclusion à faire valoir tout autre droit en toute autre occasion. |
Article 14. Validity et interpretation. | Article 14. Validité et interprétation |
Should any provision of this Agreement be declared or be determined by any court of competent jurisdiction to be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby and said illegal and/or invalid part, term or provision shall be deemed not to be a part of this Agreement. This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the Party drafting an instrument or causing any instrument to be drafted. The schedules and exhibits referred to herein shall be construed with, and as an integral part of this Agreement to the same extent as if they were set forth verbatim herein. | Dans le cas où une stipulation du Protocole devrait être déclarée ou considérée nulle ou inapplicable par une juridiction compétente, la validité des autres éléments, termes et stipulations ne sera pas affecté et les éléments, termes et stipulations déclarés nuls et/ou inapplicables seront réputés non écrits. Le Protocole sera interprété sans tenir compte d’aucune présomption ou règle exigeant une interprétation à l'encontre de la Partie rédactrice de l’instrument juridique ou qui a fait rédiger cet instrument. Les annexes et pièces visées aux présentes seront interprétées comme formant un tout faisant partie intégrante du Protocole comme si elles étaient énoncées textuellement dans le présent document. |
Whenever the singular is used in this Agreement, the same shall include the plural, and whenever the plural is used herein, the same shall include the singular, where appropriate. | Chaque fois que le singulier est utilisé dans le Protocole, celui-ci doit inclure le pluriel, et chaque fois que le pluriel est utilisé, il doit inclure, le cas échéant, le singulier. |
When used as part of numbers expressed in this Agreement, a comma is used to separate thousands and a period is used as a decimal point. | Dans le cadre de l’écriture des nombres exprimés dans ce Protocole, une virgule est utilisée pour séparer les milliers et un point est utilisé comme point décimal. |
Article 15. Voluntary Assent | Article 15. Consentement libre |
Executive affirms that no other promises or agreements of any kind have been made to or with her by any person or entity whatsoever to cause her to sign this Agreement, that Executive benefited from sufficient time and aid from her lawyer prior to the signature of this Agreement and that Executive fully understands the meaning and intent of this Agreement. | La Salariée reconnaît qu’aucun autre accord ou aucune autre promesse de n’importe quelle nature ne lui a été fait par toute personne ou entité, quelle qu’elle soit, qui l’aurait incité à signer le présent Protocole, que la Salariée a bénéficié de suffisamment de temps et de l’assistance de son avocat préalablement à la signature du Protocole, et que la Salariée comprend pleinement le sens et l’objectif du Protocole. |
Article 16. Language, governing law and forum | Article 16. Langue, loi applicable et élection de juridiction |
In case of discrepancy between the French and the English versions of this Agreement, the Parties agree that the French version shall prevail. This Agreement shall be governed by and construed in accordance with the French laws, subject to the terms of Article 14. Any legal suit, action or proceeding arising out of or related to this Agreement shall be instituted exclusively a court sitting in Paris (France) and each party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. | En cas de divergence entre les versions anglaise et française de ce Protocole, les Parties conviennent que la version française prévaudra. Ce Protocole sera régi et interprété conformément au droit français, sous réserve des précisions contenues à l’article 14. Toute instance, action ou poursuite liée à ou résultant de l’application de ce Protocole sera portée exclusivement devant les juridictions siégeant à Paris (France) et chacune des Parties se soumet de manière irrévocable à la juridiction exclusive de ces tribunaux en cas de poursuites, instances et actions. |
Article 17. Entire Agreement | Article 17. Intégralité des accords |
This Agreement, contains and constitutes the entire understanding and agreement between the Parties with respect to the subject matter hereof and cancels all previous oral and written negotiations, agreements, commitments and writings in connection therewith, including, without limitation, any such negotiations, agreements, commitments or writings relating to severance or other potential payments or benefits to Executive in the event of the termination of her employment with Cimpress, including, without limitation, the Executive Retention Agreement. | Ce Protocole comprend et constitue l’intégralité des conventions et engagements des Parties au titre des sujets qui en sont l’objet et annule tous autres négociations écrites ou orales, accords, engagements et conventions antérieurs relatif aux présents, incluant, mais sans se limiter à, toutes négociations, accords, engagements ou conventions concernant les indemnités de licenciements ou tous autres versements ou avantages potentiellement accordés à la Salariée résultant de la rupture de son Contrat de Travail, incluant l’Executive Retention Agreement. |
As a consequence of the Agreement, each of the Parties acknowledges that the other party no longer has any debt or claim whatsoever in respect of it and that all accounts between the Parties have been definitively paid and settled in all matters. Nothing in this Article 17 shall modify, cancel or supersede the obligations of Executive set forth in Articles 4, 5 and 6 herein. | Au vu du Protocole, chaque Partie reconnait que l’autre Partie n’a plus de dettes ou prétentions quelle qu’elles soient envers elle et que tous les comptes entre les Parties ont été définitivement réglés. Cet article 17 ne peut en aucun cas être considéré comme une modification ou une annulation des obligations de la Salariée telles qu’énoncées aux articles 4, 5 et 6 ci-dessus. |
Each Party undertakes to perform in good faith and without reservation the Agreement established in accordance with Articles 2044 et seq. of the French Civil Code. | Chaque Partie s’engage à exécuter loyalement et sans réserve le Protocole établit conformément aux articles 2044 et suivants du Code Civil. |
IN WITNESS WHEREOF, the Parties have executed this Agreement in two original copies under seal effective as of the date of the last signature below. | EN FOI DE QUOI les Parties ont rédigé ce Protocole en deux exemplaires originaux exécutoires à compter de la date de la dernière signature apposée ci-dessous. |
After having initialled each page, the signature of each of the Parties must be preceded by the hand-written endorsement “lu et approuvé, bon pour transaction définitive et sans réserve” (Read and approved, agreement to a definitive and unreserved settlement). | Après avoir paraphé chacune des pages précédentes, les Parties devront faire précéder leur signature de la mention manuscrite “lu et approuvé, bon pour transaction définitive et sans réserve”. |
Date: 22 mars, 2017 | Date: 22 mars, 2017 |
Lu et approuvé Bon pour transaction définitive et sans réserve /s/Robert Keane CIMPRESS FRANCE SARL Represented by/ Représentée par: Robert KEANE General Manager / Gérant | lu et approuvé, bon pour transaction définitive et sans réserve /s/Ashley Hubka Ashley HUBKA |
Cimpress Contact Person: | |
Ara Deirmendjian Cimpress USA Incorporated 275 Wyman Street Waltham, MA 02451 USA Tel. +1-781-652-6805 |
ANNEX 1 | ANNEXE 1 |
Performance Share Units Plan (Article 2 (d) of the Agreement) In English only | Plan d’actions au rendement (PSUs) (article 2 (d) du Protocole) En anglais uniquement |
ANNEX 2 | ANNEXE 2 |
EXECUTIVE’S BANK WIRE TRANSFER DETAILS | COORDONNES BANCAIRES DE LA SALARIEE |
VISTAPRINT B.V. By:/s/Sean E. Quinn Sean Quinn Managing Director | EXECUTIVE: /s/Wilhelm G.A. Jacobs Wilhelm G.A. Jacobs |
1. | I have reviewed this Quarterly Report on Form 10-Q of Cimpress N.V.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Robert S. Keane | ||
Robert S. Keane | ||
Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of Cimpress N.V.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Sean E. Quinn | ||
Sean E. Quinn | ||
Chief Financial Officer |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: | April 27, 2017 | /s/ Robert S. Keane | ||
Robert S. Keane | ||||
Chief Executive Officer | ||||
Date: | April 27, 2017 | /s/ Sean E. Quinn | ||
Sean E. Quinn | ||||
Chief Financial Officer |
Document and Entity Information Document - shares |
9 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Apr. 21, 2017 |
|
Document and Entity Information [Abstract] | ||
Entity registrant name | CIMPRESS N.V. | |
Entity central index key | 0001262976 | |
Document type | 10-Q | |
Document period end date | Mar. 31, 2017 | |
Amendment flag | false | |
Document fiscal year focus | 2017 | |
Document fiscal period focus | Q3 | |
Current fiscal year end date | --06-30 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity filer category | Large Accelerated Filer | |
Entity common stock, shares outstanding | 31,145,120 |
Consolidated Balance Sheets (Parenthetical) $ in Thousands |
Mar. 31, 2017
USD ($)
shares
|
Mar. 31, 2017
€ / shares
|
Jun. 30, 2016
USD ($)
shares
|
Jun. 30, 2016
€ / shares
|
---|---|---|---|---|
Current Assets | ||||
Allowance for doubtful accounts receivable, current | $ | $ 2,253 | $ 490 | ||
Stockholders' Equity | ||||
Preferred shares, par value | € / shares | € 0.01 | € 0.01 | ||
Preferred shares, shares authorized | 100,000,000 | 100,000,000 | ||
Preferred shares, shares issued | 0 | 0 | ||
Preferred shares, shares outstanding | 0 | 0 | ||
Ordinary shares, par value | € / shares | € 0.01 | € 0.01 | ||
Ordinary shares, shares authorized | 100,000,000 | 100,000,000 | ||
Ordinary shares, shares issued | 44,080,627 | 44,080,627 | ||
Common Stock, Shares, outstanding | 31,142,576 | 31,536,732 | ||
Treasury shares, shares | 12,938,051 | 12,543,895 |
Consolidated Statements of Operations - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Mar. 31, 2017 |
Mar. 31, 2016 |
||||
Revenue | $ 550,585 | $ 436,817 | $ 1,571,149 | $ 1,308,839 | |||
Cost of revenue (1) | [1] | 268,482 | 196,911 | 757,898 | 551,543 | ||
Technology and development expense (1) | [1] | 63,236 | 54,597 | 178,528 | 152,534 | ||
Marketing and selling expense (1) | [1] | 167,284 | 124,655 | 451,310 | 374,795 | ||
General and administrative expense (1) | [1] | 45,730 | 36,532 | 150,471 | 106,468 | ||
Amortization of Intangible Assets | 13,450 | 10,812 | 33,542 | 30,114 | |||
Restructuring Charges | [1] | 24,790 | 0 | 25,890 | 381 | ||
Goodwill and Intangible Asset Impairment | 9,556 | 30,841 | 9,556 | 30,841 | |||
(Loss) income from operations | (41,943) | (17,531) | (36,046) | 62,163 | |||
Other (expense) income, net | (6,582) | (9,003) | 21,835 | 7,929 | |||
Interest expense, net | (11,584) | (10,091) | (31,119) | (28,377) | |||
(Loss) income before income taxes | (60,109) | (36,625) | (45,330) | 41,715 | |||
Income tax (benefit) provision | (17,431) | (854) | (7,644) | 8,473 | |||
Net (loss) income | (42,678) | (35,771) | (37,686) | 33,242 | |||
Net Income (Loss) Attributable to Noncontrolling Interest | 256 | (3,100) | (677) | (4,177) | |||
Net income attributable to Cimpress N.V. | $ (42,934) | $ (32,671) | $ (37,009) | $ 37,419 | |||
Basic net (loss) income per share attributable to Cimpress N.V. | $ (1.38) | $ (1.04) | $ (1.18) | $ 1.18 | |||
Diluted net (loss) income per share attributable to Cimpress N.V. | $ (1.38) | $ (1.04) | $ (1.18) | $ 1.13 | |||
Weighted average shares outstanding — basic | 31,103,388 | 31,343,711 | 31,323,451 | 31,734,226 | |||
Weighted average shares outstanding — diluted | 31,103,388 | 31,343,711 | 31,323,451 | 33,065,970 | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||||
Share-based compensation expense | $ 12,797 | $ 5,953 | $ 35,645 | $ 18,153 | |||
Cost of revenue | |||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||||
Share-based compensation expense | 91 | 3 | 209 | 57 | |||
Technology and development expense | |||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||||
Share-based compensation expense | 1,123 | 1,606 | 6,566 | 4,358 | |||
Marketing and selling expense | |||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||||
Share-based compensation expense | 1,242 | 387 | 3,542 | 1,223 | |||
General and administrative expense | |||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||||
Share-based compensation expense | 4,084 | 3,957 | 19,071 | 12,571 | |||
Restructuring Charges | |||||||
Restructuring Charges | 24,790 | 0 | 25,890 | 381 | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||||
Share-based compensation expense | $ 6,257 | $ 0 | $ 6,257 | $ 0 | |||
|
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Other comprehensive (loss) income, net of tax: | ||||
Net (loss) income | $ (42,678) | $ (35,771) | $ (37,686) | $ 33,242 |
Foreign currency translation gain (loss) | 14,884 | 27,563 | (23,086) | 3,426 |
Net unrealized (loss) gain on derivative instruments designated and qualifying as cash flow hedges | (426) | (4,820) | 7,049 | (5,282) |
Amounts reclassified from accumulated other comprehensive loss to net (loss) income on derivative instruments | 895 | 3,160 | (4,698) | 3,600 |
Unrealized (loss) gain on available-for-sale-securities | 0 | 27 | (5,756) | (1,063) |
Marketable Securities, Realized Gain (Loss) | 0 | 0 | 2,268 | 0 |
Gain on pension benefit obligation, net | 2,185 | 811 | 2,221 | 900 |
Comprehensive (loss) income | (25,140) | (9,030) | (59,688) | 34,823 |
Add: Comprehensive (income) loss attributable to noncontrolling interests | (778) | 653 | 3,847 | 2,641 |
Total comprehensive (loss) income attributable to Cimpress N.V. | $ (25,918) | $ (8,377) | $ (55,841) | $ 37,464 |
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Operating activities | ||
Net (loss) income | $ (37,686) | $ 33,242 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation and amortization | 115,784 | 96,517 |
Goodwill and Intangible Asset Impairment | 9,556 | 30,841 |
Share-based compensation expense | 35,645 | 18,153 |
Deferred taxes | (37,849) | 11,181 |
Impairment of Long-Lived Assets to be Disposed of | 1,730 | 9,763 |
Change in contingent earn-out liability | 27,364 | 0 |
Marketable Securities, Realized Gain (Loss) | (2,268) | 0 |
Unrealized loss on derivatives not designated as hedging instruments included in net (loss) income | 839 | (979) |
Effect of exchange rate changes on monetary assets and liabilities denominated in non-functional currency | (7,215) | 3,172 |
Other non-cash items | 2,393 | 2,795 |
Gain on proceeds from insurance | 0 | 3,136 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 3,434 | (2,370) |
Inventory | (7,136) | 1,316 |
Prepaid expenses and other assets | 2,389 | 4,269 |
Accounts payable | 9,908 | 12,496 |
Accrued expenses and other liabilities | 6,756 | 11,136 |
Net cash provided by operating activities | 123,644 | 195,218 |
Investing activities | ||
Purchases of property, plant and equipment | (56,916) | (62,641) |
Business acquisitions, net of cash acquired | (204,875) | (162,440) |
Purchases of intangible assets | (110) | (453) |
Capitalization of software and website development costs | (28,678) | (18,184) |
Proceeds from insurance related to investing activities | 0 | 3,624 |
Proceeds from Sale of Available-for-sale Securities | 6,346 | 0 |
Proceeds from Sale of Productive Assets | 4,231 | 0 |
Other investing activities | 2,496 | 775 |
Net cash used in investing activities | (277,506) | (239,319) |
Financing activities | ||
Proceeds from borrowings of debt | 612,004 | 516,008 |
Payments of debt and debt issuance costs | (398,282) | (332,191) |
Payment of contingent consideration included in acquisition-date fair value | 539 | (4,350) |
Payments of withholding taxes in connection with equity awards | (10,816) | (5,768) |
Payments of capital lease obligations | (12,029) | (10,137) |
Purchase of ordinary shares | (50,008) | (153,467) |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (20,230) | 0 |
Proceeds from issuance of ordinary shares | 331 | 3,379 |
Capital contribution from noncontrolling interest | 1,404 | 5,141 |
Other financing activities | 1,281 | (303) |
Net cash (used in) provided by financing activities | 123,116 | 18,312 |
Effect of exchange rate changes on cash | (3,213) | (1,069) |
Net decrease in cash and cash equivalents | (33,959) | (26,858) |
Cash and cash equivalents at beginning of period | 77,426 | 103,584 |
Cash and cash equivalents at end of period | 43,467 | 76,726 |
Supplemental disclosures of cash flow information: | ||
Interest | 27,430 | 22,882 |
Income taxes | 35,967 | 11,089 |
Capitalization of construction costs related to financing lease obligation | 0 | 19,264 |
Property and equipment acquired under capital leases | 12,099 | 7,244 |
Amounts due for acquisitions of businesses | $ 31,613 | $ 18,361 |
Description of the Business (Notes) |
9 Months Ended |
---|---|
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Business | Description of the Business We are a technology driven company that aggregates, largely via the Internet, large volumes of small, individually customized orders for a broad spectrum of print, signage, apparel and similar products. We fulfill those orders with manufacturing capabilities that include Cimpress owned and operated manufacturing facilities and a network of third-party fulfillers to create customized products for customers on-demand. We bring our products to market through a portfolio of focused brands serving the needs of micro, small- and medium-sized businesses, resellers and consumers. These brands include Vistaprint, our global brand for micro business marketing products and services, as well as brands that we have acquired that serve the needs of various market segments, including resellers, small- and medium-sized businesses with differentiated service needs, and consumers purchasing products for themselves and their families. |
Summary of Significant Accounting Policies (Notes) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and, accordingly, do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting primarily of normal recurring accruals, considered necessary for fair statement of the results of operations for the interim periods reported and of our financial condition as of the date of the interim balance sheet have been included. The consolidated financial statements include the accounts of Cimpress N.V., its wholly owned subsidiaries, entities in which we maintain a controlling financial interest, and those entities in which we have a variable interest and are the primary beneficiary. Intercompany balances and transactions have been eliminated. Operating results for the three and nine months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending June 30, 2017 or for any other period. The consolidated balance sheet at June 30, 2016 has been derived from our audited consolidated financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended June 30, 2016 included in our Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (the “SEC”). Changes in Presentation of Financial Statements During the third quarter of fiscal 2017 we changed the presentation of amortization expense for acquired intangible assets. The expense was previously classified within each of the respective expense lines of our consolidated statement of operations and now is presented as a separate financial statement line item, "Amortization of acquired intangible assets". Prior period results have been recast to reflect this change. In addition, given the significance of our current quarter restructuring charges we are presenting these expenses as a separate financial statement line item, "Restructuring expense", in our consolidated statement of operations. Restructuring expense includes costs associated with restructuring initiatives, including one-time and contractual termination benefits, share-based compensation, consulting or legal fees directly related to the restructuring initiative, costs associated with facility-related exit activities, and other related charges. Prior period results have been recast to reflect this change. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We believe our most significant estimates are associated with the ongoing evaluation of the recoverability of our long-lived assets and goodwill, estimated useful lives of assets, share-based compensation, accounting for business combinations, and income taxes and related valuation allowances, among others. By their nature, estimates are subject to an inherent degree of uncertainty. Actual results could differ from those estimates. Abandonment of Long-Lived Assets Long-lived assets with a finite life are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may not be recoverable. During the three and nine months ended March 31, 2017, we ceased use of certain manufacturing equipment and recognized an abandonment loss of $1,730, of which $1,119 was recognized as part of cost of revenue and $611 as part of restructuring expense. For the comparative three and nine months ended March 31, 2016, we recognized a loss of $6,741 and $9,763, respectively, as part of cost of revenue. Share-Based Compensation During the three and nine months ended March 31, 2017, we recorded share-based compensation expense of $12,797 and $35,645, respectively, and $5,953 and $18,209 during the three and nine months ended March 31, 2016, respectively. Our share-based compensation increased primarily as a result of the current quarter restructuring activity. As of March 31, 2017, there was $87,387 of total unrecognized compensation cost related to non-vested share-based compensation arrangements. This cost is expected to be recognized over a weighted average period of 1.8 years. During the first quarter of fiscal 2017, we began granting performance share units, or PSUs, associated with our new long-term incentive program. Compensation expense for our PSUs is estimated at fair value on the date of grant, which is fixed throughout the vesting period. The fair value is determined using a Monte Carlo simulation valuation model. As the PSUs include both a service and market condition the related expense is recognized using the accelerated expense attribution method over the requisite service period for each separately vesting portion of the award. For PSUs that meet the service vesting condition, the expense recognized over the requisite service period will not be reversed if the market condition is not achieved. Foreign Currency Translation Our non-U.S. dollar functional currency subsidiaries translate their assets and liabilities denominated in their functional currency to U.S. dollars at current rates of exchange in effect at the balance sheet date, and revenues and expenses are translated at average rates prevailing throughout the period. The resulting gains and losses from translation are included as a component of accumulated other comprehensive loss. Transaction gains and losses and remeasurement of assets and liabilities denominated in currencies other than an entity’s functional currency are included in other (expense) income, net in our consolidated statements of operations. Other (expense) Income, net The following table summarizes the components of other (expense) income, net:
_____________________ (1) Primarily relates to both realized and unrealized gains on derivative forward currency contracts not designated as hedging instruments. (2) We have significant non-functional currency intercompany financing relationships subject to currency exchange rate volatility and the net currency related (losses) gains for the three and nine months ended March 31, 2017 and 2016 are primarily driven by this intercompany activity. In addition, we have certain cross-currency swaps designated as cash flow hedges, which hedge against the remeasurement of certain intercompany loans, both presented in the same component above. For the three and nine months ended March 31, 2017, we recognized unrealized losses of $1,709 and gains of $4,684, respectively. (3) The gain recognized during the nine months ended March 31, 2017, primarily relates to the gain on the sale of Plaza Create Co. Ltd. available-for-sale securities of $2,268. During the prior comparable period, we recognized gains related to insurance recoveries of $3,136. Net (Loss) Income Per Share Attributable to Cimpress N.V. Basic net (loss) income per share attributable to Cimpress N.V. is computed by dividing net (loss) income attributable to Cimpress N.V. by the weighted-average number of ordinary shares outstanding for the respective period. Diluted net (loss) income per share attributable to Cimpress N.V. gives effect to all potentially dilutive securities, including share options, restricted share units (“RSUs”), restricted share awards ("RSAs") and PSUs, if the effect of the securities is dilutive using the treasury stock method. Awards with performance or market conditions are included using the treasury stock method only if the conditions would have been met as of the end of the reporting period and their effect is dilutive. The following table sets forth the reconciliation of the weighted-average number of ordinary shares:
_____________________ (1) In the periods in which a net loss is recognized, the impact of share options, RSUs, and RSAs is not included as they are anti-dilutive. Treasury Shares Treasury shares are accounted for using the cost method and are included as a component of shareholders' equity. During the nine months ended March 31, 2017, we repurchased 593,763 shares for a total cost of $50,008, inclusive of transaction costs. We did not repurchase any of our shares during the three months ended March 31, 2017. We repurchased 156,778 and 2,159,613 of our ordinary shares, for a total cost of $11,263 and $153,467, respectively, during the three and nine months ended March 31, 2016, in connection with our publicly announced share repurchase authorizations. Waltham Lease Arrangement In July 2013, we executed a lease agreement to move our Lexington, Massachusetts, USA operations to a then yet to be constructed facility in Waltham, Massachusetts, USA. During the first quarter of fiscal 2016, the building was completed and we commenced lease payments in September 2015 and will make lease payments through September 2026. For accounting purposes, we were deemed to be the owner of the Waltham building during the construction period and accordingly we recorded the construction project costs incurred by the landlord as an asset with a corresponding financing obligation on our balance sheet. We evaluated the Waltham lease in the first quarter of fiscal 2016 and determined the transaction did not meet the criteria for "sale-leaseback" treatment due to our planned subleasing activity over the term of the lease. Accordingly, we began depreciating the asset and incurring interest expense related to the financing obligation recorded on our consolidated balance sheet. We bifurcate the lease payments pursuant to the Waltham lease into (i) a portion that is allocated to the building and (ii) a portion that is allocated to the land on which the building was constructed. The portion of the lease obligations allocated to the land is treated as an operating lease that commenced in fiscal 2014. Property, plant and equipment, net, included $117,075 and $120,168 as of March 31, 2017 and June 30, 2016, respectively, related to the building. The financing lease obligation and deferred rent credit related to the building on our consolidated balance sheets was $120,110 and $122,801 as of March 31, 2017 and June 30, 2016, respectively. Recently Issued or Adopted Accounting Pronouncements New Accounting Standards Adopted In January 2017, the FASB issued Accounting Standards Update No. 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment," (ASU 2017-04), which changes how an entity is required to test for goodwill impairment by eliminating Step 2 from the goodwill impairment test. We are now required to compare the fair value of the reporting unit with its carrying value and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. The new standard is effective for us on July 1, 2020. We elected to early adopt this standard effective for the third quarter of fiscal 2017. We applied the new standard when performing the goodwill impairment test discussed in Note 7. Issued Accounting Standards to be Adopted In November 2016, the FASB issued Accounting Standards Update No. 2016-18, "Statement of Cash Flows (Topic 230) Restricted Cash," (ASU 2016-18), which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendment is effective for us on July 1, 2018 and permits early adoption. This amendment will affect the presentation of our statement of cash flows once adopted and we do not expect it to have material impact on our consolidated financial statements. In October 2016, the FASB issued Accounting Standards Update No. 2016-16, "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory," (ASU 2016-16), which requires the recognition for income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The new standard is effective for us on July 1, 2018 and permits early adoption. We are currently evaluating our adoption timing and the effect that ASU 2016-16 will have on our consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update No. 2016-04,"Liabilities - Extinguishment of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products," (ASU 2016-04), which requires an entity to recognize breakage for a liability resulting from the sale of a prepaid stored-value product in proportion to the pattern of rights expected to be exercised by the product holder only to the extent that it is probable that a significant reversal of the recognized breakage amount will not subsequently occur. The new standard is effective for us on July 1, 2018. The standard permits early adoption and should be applied either retrospectively to each period presented or by means of a cumulative adjustment to retained earnings as of the beginning of the fiscal year adopted. We do not expect the effect of ASU 2016-04 to have a material impact on our consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update No. 2016-02,"Leases (Topic 842)," (ASU 2016-02), which requires the recognition of lease assets and lease liabilities by lessees for those leases currently classified as operating lease. The standard also retains a distinction between finance leases and operating leases. The new standard is effective for us on July 1, 2019. The standard permits early adoption. We are currently evaluating our adoption timing and the effect that ASU 2016-02 will have on our consolidated financial statements. In January 2016, the FASB issued Accounting Standards Update No. 2016-01,"Financial Instruments- Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," (ASU 2016-01) which requires an entity to recognize the fair value change of equity securities with readily determinable fair values in net income which was previously recognized within other comprehensive income. The new standard is effective for us on July 1, 2018. The standard does not permit early adoption and should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The impact of ASU 2016-01 will result in the recognition of fair value changes for our available-for-sale securities within earnings. While we do not believe the impact will be material based on our current investments, it could create volatility in our consolidated statement of operations. In July 2015, FASB issued Accounting Standards Update No. 2015-11,"Simplifying the Measurement of Inventory," (ASU 2015-11) which requires an entity to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The new standard is effective for us on July 1, 2017 and will be applied prospectively as of the interim or annual period of adoption. We do not expect the effect of ASU 2015-11 to have a material impact on our consolidated financial statements. In May 2014, the FASB issued Accounting Standards Update No. 2014-09,"Revenue from Contracts with Customers," (ASU 2014-09) which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This guidance will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The FASB has elected to defer the effective date to fiscal years beginning after December 15, 2017, which would result in an effective date for us of July 1, 2018, with early application permitted one year earlier. The standard permits the use of either the retrospective or cumulative catch-up transition method. We are currently evaluating our adoption timing and the effect that ASU 2014-09 will have on our consolidated financial statements. |
Fair Value Measurements (Notes) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The following table summarizes our investments in marketable securities:
________________________ (1) On December 22, 2016, we sold all available-for-sale securities held in Plaza Create Co. Ltd recognizing a gain of $2,268 as a part of other (expense) income, net, for the nine months ended March 31, 2017. (2) Amortized cost basis represents our initial investment adjusted for currency translation. We use a three-level valuation hierarchy for measuring fair value and include detailed financial statement disclosures about fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:
A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following tables summarize our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy:
During the quarter ended March 31, 2017 and year ended June 30, 2016, there were no significant transfers in or out of Level 1, Level 2 and Level 3 classifications. The valuations of the derivatives intended to mitigate our interest rate and currency risk are determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each instrument. This analysis utilizes observable market-based inputs, including interest rate curves, interest rate volatility, or spot and forward exchange rates, and reflects the contractual terms of these instruments, including the period to maturity. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparties' nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements. Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to appropriately reflect both our own nonperformance risk and the respective counterparties' nonperformance risk in the fair value measurement. However, as of March 31, 2017, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 in the fair value hierarchy. Contingent consideration obligations are measured at fair value and are based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The valuation of contingent consideration uses assumptions and estimates to forecast a range of outcomes and probabilities for the contingent consideration. Certain contingent consideration obligations are valued using a Monte Carlo simulation model. We assess these assumptions and estimates on a quarterly basis as additional data impacting the assumptions is obtained. Any changes in the fair value of contingent consideration related to updated assumptions and estimates will be recognized within general and administrative expenses in the consolidated statements of operations during the period in which the change occurs. As part of the acquisition of WIRmachenDRUCK on February 1, 2016, we agreed to a contingent payment payable at our option in cash or shares during the third quarter of fiscal 2018 based on the achievement of a cumulative gross profit target for calendar years 2016 and 2017. The fair value of this contingent liability is $29,677 as of March 31, 2017, of which $3,637 is considered contingent consideration and included in the table below. The remaining portion of the liability is classified as a compensation arrangement and is discussed in Note 8. The following table represents the changes in fair value of Level 3 contingent consideration:
_____________________ (1) Classified as long-term liability as of June 30, 2016 and current liability as of March 31, 2017 on the consolidated balance sheet. As of June 30, 2015 and March 31, 2016, contingent considerations were classified as current liabilities on the consolidated balance sheet. (2) Contingent consideration balance as of March 31, 2016, which related to our Printdeal acquisition, was paid during the fourth quarter of fiscal 2016. As of March 31, 2017 and June 30, 2016, the carrying amounts of our cash and cash equivalents, accounts receivables, accounts payable, and other current liabilities approximated their estimated fair values. As of March 31, 2017 and June 30, 2016 the carrying value of our debt, excluding debt issuance costs and debt discounts was $897,570 and $685,897, respectively, and the fair value was $919,973 and $686,409, respectively. Our debt at March 31, 2017 includes variable rate debt instruments indexed to LIBOR that resets periodically and fixed rate debt instruments. The estimated fair value of our debt was determined using available market information based on recent trades or activity of debt instruments with substantially similar risks, terms and maturities, which fall within Level 2 under the fair value hierarchy. The estimated fair value of assets and liabilities disclosed above may not be representative of actual values that could have been or will be realized in the future. |
Derivative Financial Instruments (Notes) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivative Financial Instruments We use derivative financial instruments, such as interest rate swap contracts, cross-currency swap contracts, and currency forward and option contracts to manage interest rate and foreign currency exposures. Derivatives are recorded in the consolidated balance sheets at fair value. If the derivative is designated as a cash flow hedge or net investment hedge, then the effective portion of changes in the fair value of the derivative is recorded in accumulated other comprehensive loss and is subsequently reclassified into earnings in the period the hedged forecasted transaction affects earnings. If a derivative is deemed to be ineffective, then the ineffective portion of the change in fair value of the derivative is recognized directly in earnings. The change in the fair value of derivatives not designated as hedges is recognized directly in earnings, as a component of other (expense) income, net. Hedges of Interest Rate Risk We enter into interest rate swap contracts to manage variability in the amount of our known or expected cash payments related to a portion of our debt. Our objective in using interest rate swaps is to add stability to interest expense and to manage our exposure to interest rate movements. We designate our interest rate swaps as cash flow hedges. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the contract agreements without exchange of the underlying notional amount. Realized gains or losses from interest rate swaps are recorded in earnings, as a component of interest expense, net. A portion of two of our interest rate swap contracts was deemed to be ineffective during the three and nine months ended March 31, 2017 and one of our contracts was deemed to be ineffective during the prior comparative periods. Amounts reported in accumulated other comprehensive loss related to interest rate swap contracts will be reclassified to interest expense as interest payments are accrued or made on our variable-rate debt. As of March 31, 2017, we estimate that $422 will be reclassified from accumulated other comprehensive loss to interest expense during the twelve months ending March 31, 2018. As of March 31, 2017, we had five outstanding interest rate swap contracts indexed to one-month LIBOR. These instruments were designated as cash flow hedges of interest rate risk and have varying start dates and maturity dates through June 2024.
Hedges of Currency Risk Cross-Currency Swap Contracts From time to time, we execute cross-currency swap contracts designated as cash flow hedges or net investment hedges. Cross-currency swaps involve an initial receipt of the notional amount in the hedge currency in exchange for our reporting currency based on a contracted exchange rate. Subsequently, we receive fixed rate payments in our reporting currency in exchange for fixed rate payments in the hedged currency over the life of the contract. At maturity, the final exchange involves the receipt of our reporting currency in exchange for the notional amount in the hedged currency. Cross-currency swap contracts designated as cash flow hedges are executed to mitigate our currency exposure to the interest receipts as well as the principal remeasurement and repayment associated with certain intercompany loans denominated in a currency other than our reporting currency, the U.S. Dollar. As of March 31, 2017, we had two outstanding cross-currency swap contracts designated as cash flow hedges with a total notional amount of $120,011, both maturing during June 2019. We entered into the two cross-currency swap contracts to hedge the risk of changes in one Euro denominated intercompany loan entered into with one of our consolidated subsidiaries that has the Euro as its functional currency. During the three and nine months ended March 31, 2017, we recorded unrealized losses of $740 and unrealized gains of $3,971, respectively, net of tax, in accumulated other comprehensive loss. Amounts reported in accumulated other comprehensive loss will be reclassified to other (expense) income, net as interest payments are accrued or paid and upon remeasuring the intercompany loan. As of March 31, 2017, we estimate that $2,224 will be reclassified from accumulated other comprehensive loss to other (expense) income, net during the twelve months ending March 31, 2018. Cross-currency swap contracts designated as net investment hedges are executed to mitigate our currency exposure of net investments in subsidiaries that have reporting currencies other than the U.S. Dollar. As of March 31, 2017, we had two outstanding cross-currency swap contracts designated as net investment hedges with a total notional amount of $122,969, both maturing during April 2019. We entered into the two cross-currency swap contracts to hedge the risk of changes in the U.S. Dollar equivalent value of a portion of our net investment in a consolidated subsidiary that has the Euro as its functional currency. During the three and nine months ended March 31, 2017, we recorded unrealized losses of $841 and unrealized gains of $3,983, respectively, net of tax, in accumulated other comprehensive loss as a component of our cumulative translation adjustment, and unrealized losses of $2,999 and $70, for the three and nine months ended March 31, 2016, respectively. We did not hold any ineffective cross-currency swaps during the three and nine months ended March 31, 2017 and 2016. Other Currency Contracts We execute currency forward and option contracts in order to mitigate our exposure to fluctuations in various currencies against our reporting currency, the U.S. Dollar. As of March 31, 2017, we had six currency forward contracts designated as net investment hedges with a total notional amount of $175,262, maturing during various dates through October 2022. We entered into these contracts to hedge the risk of changes in the U.S. Dollar equivalent value of a portion of our net investment in a consolidated subsidiary that has the Euro as its functional currency. We have elected not to apply hedge accounting for all other currency forward and option contracts. During the three and nine months ended March 31, 2017 and 2016, we have experienced volatility within other (expense) income, net in our consolidated statements of operations from unrealized gains and losses on the mark-to-market of outstanding currency forward and option contracts. We expect this volatility to continue in future periods for contracts for which we do not apply hedge accounting. Additionally, since our hedging objectives may be targeted at non-GAAP financial metrics that exclude non-cash items such as depreciation and amortization, we may experience increased, not decreased, volatility in our GAAP results as a result of our currency hedging program. As of March 31, 2017, we had the following outstanding currency derivative contracts that were not designated for hedge accounting and were used to hedge fluctuations in the U.S. Dollar value of forecasted transactions denominated in Australian Dollar, Canadian Dollar, Danish Krone, Euro, British Pound, Indian Rupee, Japanese Yen, New Zealand Dollar, Norwegian Krone, Swedish Krona, Mexican Peso, and Swiss Franc:
Financial Instrument Presentation The table below presents the fair value of our derivative financial instruments as well as their classification on the balance sheet as of March 31, 2017 and June 30, 2016:
The following table presents the effect of our derivative financial instruments designated as hedging instruments and their classification within comprehensive loss for the three and nine months ended March 31, 2017 and 2016:
The following table presents reclassifications out of accumulated other comprehensive loss for the three and nine months ended March 31, 2017 and 2016:
The following table presents the adjustment to fair value recorded within the consolidated statements of operations for derivative instruments for which we did not elect hedge accounting, as well as the effect of the ineffective portion and de-designated derivative financial instruments that no longer qualify as hedging instruments in the period:
|
Accumulated Other Comprehensive Income (Notes) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Loss The following table presents a roll forward of amounts recognized in accumulated other comprehensive loss by component, net of tax of $3,798, for the nine months ended March 31, 2017:
________________________ (1) Gains (losses) on cash flow hedges include our interest rates swap and cross-currency swap contracts designated in cash flow hedging relationships. (2) As of March 31, 2017 and June 30, 2016, the translation adjustment is inclusive of the effects of our net investment hedges, of which, unrealized losses of $845 and $4,965, respectively, net of tax, have been included in accumulated other comprehensive loss. |
Business Combinations (Notes) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination Disclosure [Text Block] | Business Combinations Acquisition of National Pen Co. LLC On December 30, 2016, we acquired 100% of the equity interests of National Pen Co. LLC, a manufacturer and marketer of custom writing instruments for small- and medium-sized businesses. At closing, we paid $214,573 in cash, subject to post closing adjustments based on acquired cash, debt and working capital balances. During the third quarter of fiscal 2017, we finalized and received payment for the post closing adjustment, which reduced the purchase price by $1,941. The acquisition supports our strategy to build competitively differentiated supply chain capabilities that we can make available via our mass customization platform, which we bring to market through a portfolio of focused brands. We expect National Pen will also complement our organic investments in technology and supply chain capabilities for promotional products, apparel and gift offerings. The table below details the consideration transferred to acquire National Pen:
The excess purchase price over the fair value of National Pen's net assets was recorded as goodwill, which is primarily attributable to the value of its workforce, its manufacturing and marketing process and know-how, as well as synergies which include leveraging National Pen's scale-based sourcing channels, integrating into our mass customization platform, and supporting the development of its e-commerce platform. Goodwill has been attributed to the National Pen business unit reportable segment, and we allocated $30,038 of goodwill to the Vistaprint business unit for certain synergies that are expected to be realized by the Vistaprint business unit as a result of the acquisition. This allocation may change upon finalizing goodwill during the fourth quarter of fiscal 2017. Our preliminary estimate of the fair value of specifically identifiable assets acquired and liabilities assumed as of the date of acquisition is subject to change upon finalizing our valuation analysis, including certain valuation assumptions and tax matters. The final determination may result in changes in the fair value of certain assets and liabilities as compared to our preliminary estimates, which are expected to be finalized prior to the end of fiscal 2017.
(1) National Pen will materially impact our working capital balances post-acquisition, resulting in increased accounts receivable, inventory, accounts payable and accrued expenses balances in our consolidated balance sheet. (2) Calculated based on our preliminary estimates of fair value and subject to change. National Pen Pro Forma Financial Information National Pen has been included in our consolidated financial statements starting on its acquisition date. The following unaudited pro forma financial information presents our results as if the National Pen acquisition had occurred on July 1, 2015. The pro forma financial information for all periods presented adjusts for the effects of material business combination items, including estimated amortization of acquired intangible assets and transaction related costs. The unaudited pro forma results are not necessarily indicative of what actually would have occurred had the acquisition been in effect for the periods presented as the pre-acquisition results include revenue and profit related to certain operations that are no longer active:
We utilized proceeds from our credit facility in order to finance the acquisition. In connection with the acquisition, we incurred $500 and $2,005 in general and administrative expenses during the three and nine months ended March 31, 2017, respectively, primarily related to legal, financial, and other professional services. |
Goodwill and Acquired Intangible Assets (Notes) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Acquired Intangible Assets | Goodwill and Acquired Intangible Assets Goodwill The carrying amount of goodwill by reportable segment is as follows:
_________________ (1) See Note 6 for additional details related to our acquisition of National Pen. (2) During the third quarter of fiscal 2017 we recorded an impairment of $6,345 related to our Tradeprint reporting unit. See below for additional details. (3) We allocated $30,038 of goodwill to the Vistaprint business unit for certain synergies that are expected to be realized by the Vistaprint business unit as a result of the National Pen acquisition. Refer to Note 6 for additional details. (4) Relates to goodwill held by subsidiaries whose functional currency is not the U.S. Dollar. Acquired Intangible Assets Acquired intangible assets amortization expense for the three and nine months ended March 31, 2017 was $13,450 and $33,542, respectively, compared to $10,812 and $30,114 for the prior comparative periods, respectively. In addition, during the three months ended March 31, 2017, we recognized an impairment of $3,211, related to the acquired intangible assets within the Tradeprint asset group. Refer below for additional discussion of the impairment. Impairment Review Fiscal 2017 Our annual goodwill impairment test is performed as of May 31; however, during the three months ended March 31, 2017, we had a change in the composition of our Tradeprint reporting unit (a part of our Upload and Print business units reportable segment). This change, when combined with an updated profit outlook that is lower than originally forecasted as of the acquisition date, indicated that it is more likely than not that the fair value of the reporting unit is below the carrying amount. As required, prior to performing the quantitative goodwill impairment test, we first evaluated the recoverability of the Tradeprint long-lived assets as the change in expected long-term cash flows is indicative of a potential impairment. We performed the recoverability test using undiscounted cash flows for our Tradeprint asset group and concluded that an impairment of long-lived assets existed. We proceeded to estimate the fair value the assets, using an income and cost approach based on market participant assumptions and recognized a partial impairment charge for our acquired intangible assets of $3,211. Subsequent to performing the long-lived asset impairment test, we performed our goodwill impairment test which resulted in an additional impairment charge of the total goodwill of the Tradeprint reporting unit of $6,345. In order to execute the quantitative goodwill impairment test, we compared the fair value of the Tradeprint reporting unit to its carrying value. We used the income approach, specifically the discounted cash flow method, to derive the fair value. This approach calculates fair value by estimating the after-tax cash flows attributable to a reporting unit and then discounting the after-tax cash flows to a present value using a risk-adjusted discount rate. We selected this method as being the most meaningful in preparing our goodwill assessment as we believe the income approach most appropriately measures our income producing assets. We considered using the market approach but concluded it was not appropriate in valuing this particular reporting unit given the lack of relevant market comparisons available for application of the market approach. The cash flow projections in the Tradeprint fair value analysis are based on management's estimates of revenue growth rates and operating margins, taking into consideration historical results, as well as industry and market conditions. The discount rate is based on a weighted average cost of capital (“WACC”), which represents the average rate a business must pay its providers of debt and equity, plus a risk premium. The WACC of 11.5% used to test the Tradeprint goodwill was derived from a group of comparable companies. Fiscal 2016 During the third quarter of fiscal 2016, we concluded that the goodwill of our Exagroup reporting unit, part of our Upload and Print business units reportable segment, was not fully recoverable as the reporting unit was forecasting lower projected revenue and profitability levels than originally estimated as of the acquisition date. The carrying amount of the goodwill as of January 1, 2016 was compared to the implied fair value of the goodwill, resulting in a partial impairment loss of $30,841 during the quarter ended March 31, 2016. A portion of the impairment loss was attributed to the noncontrolling interest based on its third-party shareholders' 30% ownership interest. Our goodwill analysis requires significant judgment, including the identification of reporting units and the amount and timing of expected future cash flows. While we believe our assumptions are reasonable, actual results could differ from our projections. There have been no indications of impairment that would require analysis for any of our other reporting units as of March 31, 2017. |
Other Balance Sheet Components (Notes) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses | Other Balance Sheet Components Accrued expenses included the following:
_____________________ (1) The decrease in compensation costs is primarily due to payment of our fiscal 2016 bonus and long-term incentive program in the first quarter of fiscal 2017. Effective July 1, 2016, we transitioned the annual bonus program to be included in team members' base salary. These amounts are therefore paid on our typical payroll schedule. (2) The increase in accrued severance is due to the restructuring initiatives executed during the three months ended March 31, 2017. Refer to Note 15 for additional details. (3) The increase in accrued expenses was also impacted by our acquisition of National Pen, resulting in an additional $16,617 of accruals as of March 31, 2017, which are included in each of the respective categories within the table. Other current liabilities included the following:
Other liabilities included the following:
_____________________ (4) During the third quarter of fiscal 2017, the contingent earn-out liability related to our WIRmachenDRUCk acquisition was re-classed to current liabilities as payment is due in the third quarter of fiscal 2018. (5) Total other liabilities was impacted by our acquisition of National Pen, resulting in an additional $9,715 of other liabilities as of March 31, 2017, primarily relating to capital lease obligations, which are included in each of the respective categories within the table. Contingent earn-out liability Under the original terms of the WIRmachenDRUCK earn-out arrangement, a portion of the earn-out attributed to the minority selling shareholders was included as a component of purchase consideration as of the acquisition date, with any subsequent changes to fair value recognized within general and administrative expense. This earn-out is calculated on a sliding scale, based on the achievement of cumulative gross profit against a predetermined target. The maximum payout is €40,000 and can be paid at our option in cash or ordinary shares. The remaining portion of the amount payable to the two majority selling shareholders in the WIRmachenDRUCK acquisition was not included as part of the purchase consideration as of the acquisition date as it was contingent upon their post-acquisition employment and planned to be recognized as expense through the required employment period. During the first quarter of fiscal 2017, in response to a statutory tax notice we amended the terms of the compensation portion of the arrangement with the two majority selling shareholders and we removed the post-acquisition employment requirement. As the arrangement was no longer contingent upon continued employment, we accelerated the recognition of the remaining unrecognized compensation expense, $7,034 of additional expense as of the amendment date, as part of general and administrative expense during the first quarter of fiscal 2017. In addition, the estimated fair value of the contingent liability payable to all selling shareholders in the WIRmachenDRUCK acquisition increased, due to the recent business performance relative to performance targets and the time value impact within the Monte Carlo simulation model. We recognized $4,598 and $20,330 of additional expense for the fair value change during the three and nine months ended March 31, 2017, respectively, as part of general and administrative expense. As of March 31, 2017, the total liability is $29,677, of which $26,040 relates to the majority shareholders and $3,637 relates to the minority shareholders, which is further discussed in Note 3. |
Debt (Notes) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Debt
_____________________ (1) Balances as of March 31, 2017 and June 30, 2016 are both inclusive of short-term debt issuance costs and debt discounts of $1,693 in both periods. Our Debt Our various debt arrangements described below contain customary representations, warranties and events of default. As of March 31, 2017, we were in compliance with all financial and other covenants related to our debt. Indenture and Senior Unsecured Notes due 2022 On March 24, 2015, we completed a private placement of $275,000 in aggregate principal amount of 7.0% senior unsecured notes due 2022 (the “Notes”). We issued the Notes pursuant to a senior notes indenture dated as of March 24, 2015 among Cimpress N.V., our subsidiary guarantors, and MUFG Union Bank, N.A., as trustee (the "Indenture"). We used the proceeds from the Notes to pay outstanding indebtedness under our unsecured line of credit and our senior secured credit facility and for general corporate purposes. The Notes bear interest at a rate of 7.0% per annum and mature on April 1, 2022. Interest on the Notes is payable semi-annually on April 1 and October 1 of each year, commencing on October 1, 2015, to the holders of record of the Notes at the close of business on March 15 and September 15, respectively, preceding such interest payment date. The Notes are senior unsecured obligations and rank equally in right of payment to all our existing and future senior unsecured debt and senior in right of payment to all of our existing and future subordinated debt. The Notes are effectively subordinated to any of our existing and future secured debt to the extent of the value of the assets securing such debt. Subject to certain exceptions, each of our existing and future subsidiaries that is a borrower under or guarantees our senior secured credit facilities will guarantee the Notes. The Indenture contains various covenants, including covenants that, subject to certain exceptions, limit our and our restricted subsidiaries’ ability to incur and/or guarantee additional debt; pay dividends, repurchase shares or make certain other restricted payments; enter into agreements limiting dividends and certain other restricted payments; prepay, redeem or repurchase subordinated debt; grant liens on assets; enter into sale and leaseback transactions; merge, consolidate or transfer or dispose of substantially all of our consolidated assets; sell, transfer or otherwise dispose of property and assets; and engage in transactions with affiliates. At any time prior to April 1, 2018, we may redeem some or all of the Notes at a redemption price equal to 100% of the principal amount redeemed, plus a make-whole amount as set forth in the Indenture, plus, in each case, accrued and unpaid interest to, but not including, the redemption date. In addition, at any time prior to April 1, 2018, we may redeem up to 35% of the aggregate outstanding principal amount of the Notes at a redemption price equal to 107.0% of the principal amount thereof, plus accrued and unpaid interest to, but not including, the redemption date, with the net proceeds of certain equity offerings by Cimpress. At any time on or after April 1, 2018, we may redeem some or all of the Notes at the redemption prices specified in the Indenture, plus accrued and unpaid interest to, but not including, the redemption date. Senior Secured Credit Facility As of March 31, 2017, we have a senior secured credit facility of $818,000 as follows:
Under the terms of our credit agreement, borrowings bear interest at a variable rate of interest based on LIBOR plus 1.50% to 2.25% depending on our leverage ratio, which is the ratio of our consolidated total indebtedness to our consolidated EBITDA, as defined by the credit agreement. As of March 31, 2017, the weighted-average interest rate on outstanding borrowings was 3.36%, inclusive of interest rate swap rates. We must also pay a commitment fee on unused balances of 0.225% to 0.400% depending on our leverage ratio. We have pledged the assets and/or share capital of several of our subsidiaries as collateral for our outstanding debt as of March 31, 2017. Other debt Other debt consists of term loans acquired primarily as part of our fiscal 2015 acquisition of Exagroup SAS. As of March 31, 2017 we had $7,600 outstanding for those obligations that are payable through September 2024. |
Income Taxes (Notes) |
9 Months Ended |
---|---|
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax benefit was $17,431 and $7,644 for the three and nine months ended March 31, 2017, respectively, as compared to benefit of $854 and expense of $8,473 for the same prior year periods. The increase in income tax benefit is primarily attributable to greater pre-tax losses for the three and nine months ended March 31, 2017 as compared to a smaller pre-tax loss for the three months ended March 31, 2016 and pre-tax earnings for the nine months ended March 31, 2016. During the three and nine months ended March 31, 2017, we recognized tax benefits of $45 and $4,659, respectively, due to share based compensation as compared to $698 and $2,390 for the comparable prior periods. Income tax benefit for the three and nine months ended March 31, 2017 was increased by $2,583 related to fiscal 2016 US R&D credits and decreased by $1,110 related to a reduction in US state deferred tax assets (largely attributable to the National Pen acquisition). Additionally, income tax expense for the nine months ended March 31, 2016 was reduced by $893 related to the extension of the fiscal 2015 US R&D credit. Excluding the effect of net discrete tax benefits, we are forecasting a higher annual effective tax rate in fiscal 2017 as compared to fiscal 2016 due to changes in our geographical mix of consolidated pre-tax earnings, including continued losses in certain jurisdictions where we are unable to recognize a full tax benefit in the current period. We also have losses in certain jurisdictions where we are able to recognize a tax benefit in the current period, but for which the cash benefit is expected to be realized in a future period. We expect the acquisition of National Pen will have a favorable impact to income tax benefit for fiscal 2017. Additionally, for the nine months ended March 31, 2017, we excluded certain entities from our estimated annual effective tax rate calculation that is used for purposes of determining our interim tax provision. A separate interim tax provision was recorded for these entities due to an inability to accurately estimate and forecast the impact of these entities on our estimated annual effective tax rate. On October 1, 2013, we made changes to our corporate entity operating structure, including transferring our intellectual property among certain of our subsidiaries, primarily to align our corporate entities with our evolving operations and business model. The transfer of assets occurred between wholly owned legal entities within the Cimpress group that are based in different tax jurisdictions. As the impact of the transfer was the result of an intra-entity transaction, any resulting gain or loss and immediate tax impact on the transfer is eliminated and not recognized in the consolidated financial statements under U.S. GAAP. The transferor entity recognized a gain on the transfer of assets that was not subject to income tax in its local jurisdiction. Our subsidiary based in Switzerland was the recipient of the intellectual property. In accordance with Swiss tax law, we are entitled to amortize the fair market value of the intellectual property received at the date of transfer over five years for tax purposes. As a result of this amortization, we are expecting a loss for Swiss tax purposes during fiscal year 2017. As of March 31, 2017, we had a net liability for unrecognized tax benefits included in the balance sheet of $5,612, including accrued interest and penalties of $350. We recognize interest and, if applicable, penalties related to unrecognized tax benefits in the provision for income taxes. Of the total amount of unrecognized tax benefits, approximately $2,940 will reduce the effective tax rate if recognized. It is reasonably possible that a reduction in unrecognized tax benefits may occur within the next twelve months in the range of $1,000 to $1,200 related to the lapse of applicable statutes of limitations. We believe we have appropriately provided for all tax uncertainties. We conduct business in a number of tax jurisdictions and, as such, are required to file income tax returns in multiple jurisdictions globally. The years 2013 through 2016 remain open for examination by the United States Internal Revenue Service and the years 2011 through 2016 remain open for examination in the various states and non-US tax jurisdictions in which we file tax returns. We believe that our income tax reserves are adequately maintained taking into consideration both the technical merits of our tax return positions and ongoing developments in our income tax audits. However, the final determination of our tax return positions, if audited, is uncertain, and there is a possibility that final resolution of these matters could have a material impact on our results of operations or cash flows. |
Noncontrolling interest (Notes) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest Disclosure [Text Block] | Noncontrolling Interests In certain of our strategic investments we have purchased a controlling equity stake, but there remains a minority portion of the equity that is owned by a third party. The balance sheet and operating activity of these entities are included in our consolidated financial statements and we adjust the net (loss) income in our consolidated statement of operations to exclude the noncontrolling interests' proportionate share of results. We present the proportionate share of equity attributable to the redeemable noncontrolling interests as temporary equity within our consolidated balance sheet and the proportionate share of noncontrolling interests not subject to a redemption provision that is outside of our control as equity. Redeemable noncontrolling interests On April 15, 2015, we acquired 70% of the outstanding shares of Exagroup SAS. The remaining 30% is considered a redeemable noncontrolling equity interest, as it is redeemable in the future and not solely within our control. The Exagroup noncontrolling interest, redeemable at a fixed amount of €39,000, was recorded at its fair value as of the acquisition date and will be adjusted to its redemption value on a periodic basis, if that amount exceeds its carrying value. As of March 31, 2017, the redemption value is less than the carrying value, and therefore no adjustment is required. On April 3, 2014, we acquired 97% of the outstanding corporate capital of Pixartprinting S.p.A. The remaining 3% was considered a redeemable noncontrolling equity interest, as it was redeemable for cash based on financial results and was not solely within our control. During the second quarter of fiscal 2017, we purchased the remaining equity interest for €10,406 ($10,947 based on the exchange rate as of the redemption date). We previously owned a 51% controlling interest in a joint business arrangement with Plaza Create Co. Ltd., a leading Japanese retailer of photo products, to expand our market presence in Japan. During the second quarter of fiscal 2017, we purchased the remaining 49% noncontrolling interest for $9,352. The purchase was recognized as an equity transaction, which resulted in the difference between the carrying value of the noncontrolling interest and purchase price, adjusted within additional paid-in capital. Noncontrolling interest On August 7, 2014, we made a capital investment in Printi LLC as described in Note 12. The noncontrolling interest was recorded at its estimated fair value as of the investment date. The allocation of the net loss of the operations to the noncontrolling interest considers our stated liquidation preference in applying the loss to each party. The following table presents the reconciliation of changes in our noncontrolling interests:
(1) During the second quarter of fiscal 2017, the Pixartprinting noncontrolling interest was purchased and the adjustment was recognized to adjust the carrying value to the redemption amount. |
Variable Interest Entities (Notes) |
9 Months Ended |
---|---|
Mar. 31, 2017 | |
Variable Interest Entity [Line Items] | |
Variable Interest Entity Disclosure [Text Block] | Variable Interest Entity ("VIE") On August 7, 2014, we made a capital investment in Printi LLC, which operates in Brazil. This investment provides us access to a newer market and the opportunity to drive longer-term growth in Brazil. As of March 31, 2017, we have a 49.99% equity interest in Printi. Based upon the level of equity investment at risk, Printi is considered a variable interest entity. The shareholders of Printi share profits and voting control on a pro-rata basis. While we do not manage the day to day operations of Printi, we do have the unilateral ability to exercise participating voting rights for specific transactions and as such no one shareholder is considered to be the primary beneficiary. However, certain significant shareholders cannot transfer their equity interests without our approval and as a result are considered de facto agents on our behalf in accordance with ASC 810-10-25-43. In aggregating our rights, as well as those of our de facto agents, the group as a whole has both the power to direct the activities that most significantly impact the entity's economic performance and the obligation to absorb losses and the right to receive benefits from the entity. In situations where a de facto agency relationship is present, one party is required to be identified as the primary beneficiary and the evaluation requires significant judgment. The factors considered include the presence of a principal/agent relationship, the relationship and significance of activities to the reporting entity, the variability associated with the VIE's anticipated economics and the design of the VIE. The analysis is qualitative in nature and is based on weighting the relative importance of each of the factors in relation to the specifics of the VIE arrangement. Upon our investment we performed an analysis and concluded that we are the party that is most closely associated with Printi, as we are most exposed to the variability of the economics and therefore considered the primary beneficiary. We have call options with certain employee shareholders to increase our ownership in Printi incrementally over an eight-year period. As the employees' restricted stock in Printi is contingent on post-acquisition employment, share-based compensation will be recognized over the four-year vesting period. The awards are considered liability awards and will be marked to fair value each reporting period. In order to estimate the fair value of the award as of March 31, 2017, we utilized a lattice model with a Monte Carlo simulation. The current fair value of the award is $5,991 and we have recognized $374 and $1,158 in general and administrative expense for the three and nine months ended March 31, 2017, respectively, compared to $372 and $1,153 in the prior periods, respectively. |
Segment Information (Notes) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information Our operating segments are based upon the manner in which our operations are managed and the availability of separate financial information reported internally to the Chief Executive Officer, who is our Chief Operating Decision Maker (“CODM”) for purposes of making decisions about how to allocate resources and assess performance. As of March 31, 2017 we have numerous operating segments under our management reporting structure which are reported in the following four reportable segments:
As part of the reorganization announced in January 2017, several groups that previously were part of our corporate and global functions, including significant portions of our technology, manufacturing and supply chain, finance, legal and other related groups, have been decentralized into our operating segments. This change is intended to improve accountability for customer satisfaction and capital returns, simplify decision-making, improve the speed of execution, further develop our cadre of general managers, and release entrepreneurial energy. The majority of the groups transferred into our operating segments joined our Vistaprint business unit and to a smaller extent our Upload and Print business units. We have revised our presentation of all prior periods presented to reflect our revised segment reporting. Corporate and global functions now consist primarily of global procurement and supplier research, a central technology team whose primary focus is building the mass customization platform, and essential corporate services, such as the corporate finance, communications, strategy and legal functions. Corporate and global functions is a cost center and does not meet the definition of an operating segment. Under our new incentive compensation plan we began granting PSUs during the first quarter of fiscal 2017. The PSU expense value is based on a Monte Carlo fair value analysis and is required to be expensed on an accelerated basis. In order to ensure comparability in measuring our business unit results, we allocate the straight-line portion of the fixed grant value to our business units. Any expense in excess of the amount as a result of the fair value measurement of the PSUs and the accelerated expense profile of the awards is recognized within corporate and global functions. Adjusted net operating profit (loss) is the primary metric by which our CODM measures segment financial performance. Certain items are excluded from segment adjusted net operating profit (loss), such as acquisition-related amortization and depreciation, expense recognized for contingent earn-out related charges, including the changes in fair value of contingent consideration and compensation expense related to cash-based earn-out mechanisms dependent upon continued employment, share-based compensation related to investment consideration, certain impairment expense, and restructuring charges. A portion of the interest expense associated with our Waltham lease is included as expense in adjusted net operating profit (loss) and allocated based on headcount to the appropriate business unit or corporate and global function. The interest expense represents a portion of the cash rent payment and is considered an operating expense for purposes of measuring our segment performance. There are no internal revenue transactions between our operating segments, and we do not allocate non-operating income to our segment results. All intersegment transfers are recorded at cost for presentation to the CODM, for example, we allocate costs related to products manufactured by our global network of production facilities to the applicable operating segment. There is no intercompany profit or loss recognized on these transactions. Our All Other business units reporting segment includes our Most of World and Corporate Solutions business units, which have operating losses as they're in the early stage of investment relative to the scale of the underlying businesses, which may limit its comparability to other segments regarding adjusted net operating profit (loss). Our balance sheet information is not presented to the CODM on an allocated basis, and therefore we do not present asset information by segment. Revenue by segment is based on the business unit-specific websites through which the customer’s order was transacted. The following tables set forth revenue, adjusted net operating profit (loss) by reportable segment, total (loss) income from operations and total (loss) income before taxes.
___________________ (1) Includes expense recognized for the change in fair value of contingent consideration and compensation expense related to cash-based earn-out mechanisms dependent upon continued employment. (2) Includes the impact for certain impairments or abandonments of goodwill and other long-lived assets as defined by ASC 350 - "Intangibles - Goodwill and Other" or ASC 360 - "Property, plant, and equipment."
Enterprise Wide Disclosures: The following tables set forth revenues by geographic area and groups of similar products and services:
(1) Our non-United States revenue includes the Netherlands, our country of domicile. (2) Other revenue includes miscellaneous items which account for less than 1% of revenue. The following tables set forth long-lived assets by geographic area:
___________________ (3) Excludes goodwill of $516,013 and $466,005, intangible assets, net of $280,133 and $216,970, the Waltham lease asset of $117,075 and $120,168, and deferred tax assets of $34,248 and $26,093 as of March 31, 2017 and June 30, 2016, respectively. |
Commitments and Contingencies (Notes) |
9 Months Ended |
---|---|
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Lease Commitments We have commitments under operating leases for our facilities that expire on various dates through 2026, including the Waltham lease arrangement discussed in Note 2. Total lease expense, net of sublease income for the three and nine months ended March 31, 2017 was $2,860 and $9,152, respectively, and $3,083 and $9,932 for the three and nine months ended March 31, 2016, respectively. We lease certain machinery and plant equipment under both capital and operating lease agreements that expire at various dates through 2022. The aggregate carrying value of the leased equipment under capital leases included in property, plant and equipment, net in our consolidated balance sheet at March 31, 2017, is $40,559, net of accumulated depreciation of $23,797; the present value of lease installments not yet due included in other current liabilities and other liabilities in our consolidated balance sheet at March 31, 2017 amounts to $40,453. Purchase Obligations At March 31, 2017, we had unrecorded commitments under contract of $44,103, which were primarily composed of commitments for production and computer equipment purchases of approximately $21,296. Production and computer equipment purchases relate partially to a two year purchase commitment for equipment with one of our suppliers. In addition, we had purchase commitments for third-party web services of $5,070, professional and consulting fees of approximately $6,103, inventory purchase commitments of $5,195, commitments for advertising campaigns of $1,888, and other unrecorded purchase commitments of $4,551. Other Obligations We have an outstanding installment obligation of $7,252 related to the fiscal 2012 intra-entity transfer of the intellectual property of our subsidiary Webs, Inc., which results in tax being paid over a 7.5 year term and has been classified as a deferred tax liability in our consolidated balance sheet as of March 31, 2017. Other obligations also includes a contingent earn-out liability for our fiscal 2016 WIRmachenDRUCK acquisition, based on the achievement of certain financial targets, payable at our option in cash or ordinary shares in fiscal 2018 of $29,677. Refer to Note 8 for additional discussion related to the contingent earn-out liability. In addition, we have deferred payments related to our fiscal 2015 and 2016 acquisitions of $1,936 in aggregate. Legal Proceedings We are not currently party to any material legal proceedings. Although we cannot predict with certainty the results of litigation and claims to which we may be subject from time to time, we do not expect the resolution of any of our current matters to have a material adverse impact on our consolidated results of operations, cash flows or financial position. In all cases, at each reporting period, we evaluate whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. We expense the costs relating to our legal proceedings as those costs are incurred. |
Restructuring and Related Activities Disclosure (Notes) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | Restructuring Charges On January 23, 2017, the Supervisory Board of Cimpress N.V. approved a plan to restructure the company and implement organizational changes that decentralized the company’s operations in order to improve accountability for customer satisfaction and capital returns, simplify decision-making, and improve the speed of execution. In order to enact the plan, we transferred approximately 3,000 team members that were part of central teams into our business units. We also reduced the scope of certain other roles and functions that were previously performed centrally, which led to the termination of approximately 135 employees, and reduction of planned hiring in targeted areas. We also eliminated the positions of four Cimpress executive officers who, as a result, left the company. The restructuring event discussed above resulted in additional costs, within our corporate and global functions cost center of $23,751 and $24,851 for the three and nine months ended March 31, 2017, respectively. In addition, for the three and nine months ended March 31, 2017 we recognized $1,039 of restructuring costs within our National Pen business unit related to a separate initiative. Restructuring costs include one-time employee termination benefits, acceleration of share-based compensation, and other related costs including third-party professional and outplacement services and abandonment of production equipment. Substantially all of the changes associated with the restructuring were completed during the third quarter of the 2017 fiscal year and we do not expect material restructuring costs to be incurred during the fourth quarter of fiscal 2017. The restructuring charges included in our consolidated statement of operations for the three and nine months ended March 31, 2017 within restructuring expense is $24,790 and $25,890. The following table summarizes the restructuring activity during the nine months ended March 31, 2017:
_____________________ (1) Includes restructuring charges for third party professional fees of $2,049, as well as $611 for the abandonment of production equipment which was not yet placed into service and under our decentralized operating model had no future use. (2) Non-cash charges includes acceleration of share-based compensation expenses, as well as abandonment charges for production equipment. |
Summary of Significant Accounting Policies (Policies) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury Shares Accounting Method [Policy Text Block] | Treasury Shares Treasury shares are accounted for using the cost method and are included as a component of shareholders' equity. During the nine months ended March 31, 2017, we repurchased 593,763 shares for a total cost of $50,008, inclusive of transaction costs. We did not repurchase any of our shares during the three months ended March 31, 2017. We repurchased 156,778 and 2,159,613 of our ordinary shares, for a total cost of $11,263 and $153,467, respectively, during the three and nine months ended March 31, 2016, in connection with our publicly announced share repurchase authorizations. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Changes in Presentation of Financial Statements During the third quarter of fiscal 2017 we changed the presentation of amortization expense for acquired intangible assets. The expense was previously classified within each of the respective expense lines of our consolidated statement of operations and now is presented as a separate financial statement line item, "Amortization of acquired intangible assets". Prior period results have been recast to reflect this change. In addition, given the significance of our current quarter restructuring charges we are presenting these expenses as a separate financial statement line item, "Restructuring expense", in our consolidated statement of operations. Restructuring expense includes costs associated with restructuring initiatives, including one-time and contractual termination benefits, share-based compensation, consulting or legal fees directly related to the restructuring initiative, costs associated with facility-related exit activities, and other related charges. Prior period results have been recast to reflect this change. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Abandonment of Long-Lived Assets Long-lived assets with a finite life are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may not be recoverable. During the three and nine months ended March 31, 2017, we ceased use of certain manufacturing equipment and recognized an abandonment loss of $1,730, of which $1,119 was recognized as part of cost of revenue and $611 as part of restructuring expense. For the comparative three and nine months ended March 31, 2016, we recognized a loss of $6,741 and $9,763, respectively, as part of cost of revenue. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and, accordingly, do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting primarily of normal recurring accruals, considered necessary for fair statement of the results of operations for the interim periods reported and of our financial condition as of the date of the interim balance sheet have been included. The consolidated financial statements include the accounts of Cimpress N.V., its wholly owned subsidiaries, entities in which we maintain a controlling financial interest, and those entities in which we have a variable interest and are the primary beneficiary. Intercompany balances and transactions have been eliminated. Operating results for the three and nine months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending June 30, 2017 or for any other period. The consolidated balance sheet at June 30, 2016 has been derived from our audited consolidated financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended June 30, 2016 included in our Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (the “SEC”). |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We believe our most significant estimates are associated with the ongoing evaluation of the recoverability of our long-lived assets and goodwill, estimated useful lives of assets, share-based compensation, accounting for business combinations, and income taxes and related valuation allowances, among others. By their nature, estimates are subject to an inherent degree of uncertainty. Actual results could differ from those estimates. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign Currency Translation | Foreign Currency Translation Our non-U.S. dollar functional currency subsidiaries translate their assets and liabilities denominated in their functional currency to U.S. dollars at current rates of exchange in effect at the balance sheet date, and revenues and expenses are translated at average rates prevailing throughout the period. The resulting gains and losses from translation are included as a component of accumulated other comprehensive loss. Transaction gains and losses and remeasurement of assets and liabilities denominated in currencies other than an entity’s functional currency are included in other (expense) income, net in our consolidated statements of operations. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income (expense), net | Other (expense) Income, net The following table summarizes the components of other (expense) income, net:
_____________________ (1) Primarily relates to both realized and unrealized gains on derivative forward currency contracts not designated as hedging instruments. (2) We have significant non-functional currency intercompany financing relationships subject to currency exchange rate volatility and the net currency related (losses) gains for the three and nine months ended March 31, 2017 and 2016 are primarily driven by this intercompany activity. In addition, we have certain cross-currency swaps designated as cash flow hedges, which hedge against the remeasurement of certain intercompany loans, both presented in the same component above. For the three and nine months ended March 31, 2017, we recognized unrealized losses of $1,709 and gains of $4,684, respectively. (3) The gain recognized during the nine months ended March 31, 2017, primarily relates to the gain on the sale of Plaza Create Co. Ltd. available-for-sale securities of $2,268. During the prior comparable period, we recognized gains related to insurance recoveries of $3,136 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Share | Net (Loss) Income Per Share Attributable to Cimpress N.V. Basic net (loss) income per share attributable to Cimpress N.V. is computed by dividing net (loss) income attributable to Cimpress N.V. by the weighted-average number of ordinary shares outstanding for the respective period. Diluted net (loss) income per share attributable to Cimpress N.V. gives effect to all potentially dilutive securities, including share options, restricted share units (“RSUs”), restricted share awards ("RSAs") and PSUs, if the effect of the securities is dilutive using the treasury stock method. Awards with performance or market conditions are included using the treasury stock method only if the conditions would have been met as of the end of the reporting period and their effect is dilutive. The following table sets forth the reconciliation of the weighted-average number of ordinary shares:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | Share-Based Compensation During the three and nine months ended March 31, 2017, we recorded share-based compensation expense of $12,797 and $35,645, respectively, and $5,953 and $18,209 during the three and nine months ended March 31, 2016, respectively. Our share-based compensation increased primarily as a result of the current quarter restructuring activity. As of March 31, 2017, there was $87,387 of total unrecognized compensation cost related to non-vested share-based compensation arrangements. This cost is expected to be recognized over a weighted average period of 1.8 years. During the first quarter of fiscal 2017, we began granting performance share units, or PSUs, associated with our new long-term incentive program. Compensation expense for our PSUs is estimated at fair value on the date of grant, which is fixed throughout the vesting period. The fair value is determined using a Monte Carlo simulation valuation model. As the PSUs include both a service and market condition the related expense is recognized using the accelerated expense attribution method over the requisite service period for each separately vesting portion of the award. For PSUs that meet the service vesting condition, the expense recognized over the requisite service period will not be reversed if the market condition is not achieved. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recently Issued or Adopted Accounting Pronouncements | Recently Issued or Adopted Accounting Pronouncements New Accounting Standards Adopted In January 2017, the FASB issued Accounting Standards Update No. 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment," (ASU 2017-04), which changes how an entity is required to test for goodwill impairment by eliminating Step 2 from the goodwill impairment test. We are now required to compare the fair value of the reporting unit with its carrying value and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. The new standard is effective for us on July 1, 2020. We elected to early adopt this standard effective for the third quarter of fiscal 2017. We applied the new standard when performing the goodwill impairment test discussed in Note 7. Issued Accounting Standards to be Adopted In November 2016, the FASB issued Accounting Standards Update No. 2016-18, "Statement of Cash Flows (Topic 230) Restricted Cash," (ASU 2016-18), which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendment is effective for us on July 1, 2018 and permits early adoption. This amendment will affect the presentation of our statement of cash flows once adopted and we do not expect it to have material impact on our consolidated financial statements. In October 2016, the FASB issued Accounting Standards Update No. 2016-16, "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory," (ASU 2016-16), which requires the recognition for income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The new standard is effective for us on July 1, 2018 and permits early adoption. We are currently evaluating our adoption timing and the effect that ASU 2016-16 will have on our consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update No. 2016-04,"Liabilities - Extinguishment of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products," (ASU 2016-04), which requires an entity to recognize breakage for a liability resulting from the sale of a prepaid stored-value product in proportion to the pattern of rights expected to be exercised by the product holder only to the extent that it is probable that a significant reversal of the recognized breakage amount will not subsequently occur. The new standard is effective for us on July 1, 2018. The standard permits early adoption and should be applied either retrospectively to each period presented or by means of a cumulative adjustment to retained earnings as of the beginning of the fiscal year adopted. We do not expect the effect of ASU 2016-04 to have a material impact on our consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update No. 2016-02,"Leases (Topic 842)," (ASU 2016-02), which requires the recognition of lease assets and lease liabilities by lessees for those leases currently classified as operating lease. The standard also retains a distinction between finance leases and operating leases. The new standard is effective for us on July 1, 2019. The standard permits early adoption. We are currently evaluating our adoption timing and the effect that ASU 2016-02 will have on our consolidated financial statements. In January 2016, the FASB issued Accounting Standards Update No. 2016-01,"Financial Instruments- Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," (ASU 2016-01) which requires an entity to recognize the fair value change of equity securities with readily determinable fair values in net income which was previously recognized within other comprehensive income. The new standard is effective for us on July 1, 2018. The standard does not permit early adoption and should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The impact of ASU 2016-01 will result in the recognition of fair value changes for our available-for-sale securities within earnings. While we do not believe the impact will be material based on our current investments, it could create volatility in our consolidated statement of operations. In July 2015, FASB issued Accounting Standards Update No. 2015-11,"Simplifying the Measurement of Inventory," (ASU 2015-11) which requires an entity to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The new standard is effective for us on July 1, 2017 and will be applied prospectively as of the interim or annual period of adoption. We do not expect the effect of ASU 2015-11 to have a material impact on our consolidated financial statements. In May 2014, the FASB issued Accounting Standards Update No. 2014-09,"Revenue from Contracts with Customers," (ASU 2014-09) which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This guidance will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The FASB has elected to defer the effective date to fiscal years beginning after December 15, 2017, which would result in an effective date for us of July 1, 2018, with early application permitted one year earlier. The standard permits the use of either the retrospective or cumulative catch-up transition method. We are currently evaluating our adoption timing and the effect that ASU 2014-09 will have on our consolidated financial statements. |
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income [Table Text Block] | The following table summarizes the components of other (expense) income, net:
_____________________ (1) Primarily relates to both realized and unrealized gains on derivative forward currency contracts not designated as hedging instruments. (2) We have significant non-functional currency intercompany financing relationships subject to currency exchange rate volatility and the net currency related (losses) gains for the three and nine months ended March 31, 2017 and 2016 are primarily driven by this intercompany activity. In addition, we have certain cross-currency swaps designated as cash flow hedges, which hedge against the remeasurement of certain intercompany loans, both presented in the same component above. For the three and nine months ended March 31, 2017, we recognized unrealized losses of $1,709 and gains of $4,684, respectively. (3) The gain recognized during the nine months ended March 31, 2017, primarily relates to the gain on the sale of Plaza Create Co. Ltd. available-for-sale securities of $2,268. During the prior comparable period, we recognized gains related to insurance recoveries of $3,136 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted Average Number of Shares [Table Text Block] | The following table sets forth the reconciliation of the weighted-average number of ordinary shares:
|
Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of available for sale securities | The following table summarizes our investments in marketable securities:
________________________ (1) On December 22, 2016, we sold all available-for-sale securities held in Plaza Create Co. Ltd recognizing a gain of $2,268 as a part of other (expense) income, net, for the nine months ended March 31, 2017. (2) Amortized cost basis represents our initial investment adjusted for currency translation. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of financial assets | The following tables summarize our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table represents the changes in fair value of Level 3 contingent consideration:
_____________________ (1) Classified as long-term liability as of June 30, 2016 and current liability as of March 31, 2017 on the consolidated balance sheet. As of June 30, 2015 and March 31, 2016, contingent considerations were classified as current liabilities on the consolidated balance sheet. (2) Contingent consideration balance as of March 31, 2016, which related to our Printdeal acquisition, was paid during the fourth quarter of fiscal 2016. |
Derivative Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments [Table Text Block] | As of March 31, 2017, we had the following outstanding currency derivative contracts that were not designated for hedge accounting and were used to hedge fluctuations in the U.S. Dollar value of forecasted transactions denominated in Australian Dollar, Canadian Dollar, Danish Krone, Euro, British Pound, Indian Rupee, Japanese Yen, New Zealand Dollar, Norwegian Krone, Swedish Krona, Mexican Peso, and Swiss Franc:
Amounts reported in accumulated other comprehensive loss related to interest rate swap contracts will be reclassified to interest expense as interest payments are accrued or made on our variable-rate debt. As of March 31, 2017, we estimate that $422 will be reclassified from accumulated other comprehensive loss to interest expense during the twelve months ending March 31, 2018. As of March 31, 2017, we had five outstanding interest rate swap contracts indexed to one-month LIBOR. These instruments were designated as cash flow hedges of interest rate risk and have varying start dates and maturity dates through June 2024.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The table below presents the fair value of our derivative financial instruments as well as their classification on the balance sheet as of March 31, 2017 and June 30, 2016:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | The following table presents the effect of our derivative financial instruments designated as hedging instruments and their classification within comprehensive loss for the three and nine months ended March 31, 2017 and 2016:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table presents reclassifications out of accumulated other comprehensive loss for the three and nine months ended March 31, 2017 and 2016:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table presents the adjustment to fair value recorded within the consolidated statements of operations for derivative instruments for which we did not elect hedge accounting, as well as the effect of the ineffective portion and de-designated derivative financial instruments that no longer qualify as hedging instruments in the period:
|
Accumulated Other Comprehensive Income (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of accumulated other comprehensive income (loss) | The following table presents a roll forward of amounts recognized in accumulated other comprehensive loss by component, net of tax of $3,798, for the nine months ended March 31, 2017:
________________________ (1) Gains (losses) on cash flow hedges include our interest rates swap and cross-currency swap contracts designated in cash flow hedging relationships. (2) As of March 31, 2017 and June 30, 2016, the translation adjustment is inclusive of the effects of our net investment hedges, of which, unrealized losses of $845 and $4,965, respectively, net of tax, have been included in accumulated other comprehensive loss. |
Business Combinations (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The table below details the consideration transferred to acquire National Pen:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
(1) National Pen will materially impact our working capital balances post-acquisition, resulting in increased accounts receivable, inventory, accounts payable and accrued expenses balances in our consolidated balance sheet. (2) Calculated based on our preliminary estimates of fair value and subject to change. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited pro forma financial information presents our results as if the National Pen acquisition had occurred on July 1, 2015. The pro forma financial information for all periods presented adjusts for the effects of material business combination items, including estimated amortization of acquired intangible assets and transaction related costs. The unaudited pro forma results are not necessarily indicative of what actually would have occurred had the acquisition been in effect for the periods presented as the pre-acquisition results include revenue and profit related to certain operations that are no longer active:
|
Goodwill and Acquired Intangible Assets Goodwill and Acquired Intangible Assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of goodwill | The carrying amount of goodwill by reportable segment is as follows:
_________________ (1) See Note 6 for additional details related to our acquisition of National Pen. (2) During the third quarter of fiscal 2017 we recorded an impairment of $6,345 related to our Tradeprint reporting unit. See below for additional details. (3) We allocated $30,038 of goodwill to the Vistaprint business unit for certain synergies that are expected to be realized by the Vistaprint business unit as a result of the National Pen acquisition. Refer to Note 6 for additional details. (4) Relates to goodwill held by subsidiaries whose functional currency is not the U.S. Dollar. |
Other Balance Sheet Components (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses | Accrued expenses included the following:
_____________________ (1) The decrease in compensation costs is primarily due to payment of our fiscal 2016 bonus and long-term incentive program in the first quarter of fiscal 2017. Effective July 1, 2016, we transitioned the annual bonus program to be included in team members' base salary. These amounts are therefore paid on our typical payroll schedule. (2) The increase in accrued severance is due to the restructuring initiatives executed during the three months ended March 31, 2017. Refer to Note 15 for additional details. (3) The increase in accrued expenses was also impacted by our acquisition of National Pen, resulting in an additional $16,617 of accruals as of March 31, 2017, which are included in each of the respective categories within the table. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Liabilities [Table Text Block] | Other current liabilities included the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Assets and Other Liabilities [Table Text Block] | Other liabilities included the following:
|
Debt Total debt outstanding (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt [Table Text Block] | Debt
_____________________ (1) Balances as of March 31, 2017 and June 30, 2016 are both inclusive of short-term debt issuance costs and debt discounts of $1,693 in both periods |
Noncontrolling interest (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Table Text Block] | The following table presents the reconciliation of changes in our noncontrolling interests:
(1) During the second quarter of fiscal 2017, the Pixartprinting noncontrolling interest was purchased and the adjustment was recognized to adjust the carrying value to the redemption amount. |
Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] |
___________________ (1) Includes expense recognized for the change in fair value of contingent consideration and compensation expense related to cash-based earn-out mechanisms dependent upon continued employment. (2) Includes the impact for certain impairments or abandonments of goodwill and other long-lived assets as defined by ASC 350 - "Intangibles - Goodwill and Other" or ASC 360 - "Property, plant, and equipment."
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | The following tables set forth revenues by geographic area and groups of similar products and services:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from External Customers by Products and Services [Table Text Block] |
(1) Our non-United States revenue includes the Netherlands, our country of domicile. (2) Other revenue includes miscellaneous items which account for less than 1% of revenue. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues and long-lived assets by geographic area | The following tables set forth long-lived assets by geographic area:
___________________ (3) Excludes goodwill of $516,013 and $466,005, intangible assets, net of $280,133 and $216,970, the Waltham lease asset of $117,075 and $120,168, and deferred tax assets of $34,248 and $26,093 as of March 31, 2017 and June 30, 2016, respectively. |
Restructuring and Related Activities Disclosure (Tables) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Mar. 31, 2017 |
Mar. 31, 2016 |
Jun. 30, 2016 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Costs [Table Text Block] | The following table summarizes the restructuring activity during the nine months ended March 31, 2017:
_____________________ (1) Includes restructuring charges for third party professional fees of $2,049, as well as $611 for the abandonment of production equipment which was not yet placed into service and under our decentralized operating model had no future use. (2) Non-cash charges includes acceleration of share-based compensation expenses, as well as abandonment charges for production equipment. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Charges | [1] | $ 24,790 | $ 0 | $ 25,890 | $ 381 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments for Restructuring | 7,523 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Reserve | $ 11,499 | $ 11,499 | $ 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Summary of Significant Accounting Policies (Details) - Waltham Lease [Member] - USD ($) $ in Thousands |
Mar. 31, 2017 |
Jun. 30, 2016 |
---|---|---|
Change in Accounting Estimate [Line Items] | ||
Other Liabilities | $ 120,110 | $ 122,801 |
Property, plant and equipment, net | $ 117,075 | $ 120,168 |
Summary of Significant Accounting Policies (Details Textuals) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Mar. 31, 2017 |
Mar. 31, 2016 |
||||||||||||
Accounting Policies [Line Items] | |||||||||||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (817) | [1] | $ (1,505) | $ 12,737 | [1] | $ 4,048 | |||||||||
Foreign Currency Transaction Gain (Loss), Realized | [2] | (6,304) | (7,656) | 5,719 | (149) | ||||||||||
Other Nonoperating Gains (Losses) | [3] | 539 | 158 | 3,379 | 4,030 | ||||||||||
Other (expense) income, net | $ (6,582) | $ (9,003) | $ 21,835 | $ 7,929 | |||||||||||
Weighted average shares outstanding, basic | 31,103,388 | 31,343,711 | 31,323,451 | 31,734,226 | |||||||||||
Weighted average shares issuable upon exercise/vesting of outstanding share options/RSUs/RSAs | [4] | 0 | 0 | 0 | 1,331,744 | ||||||||||
Shares used in computing diluted net income per share | 31,103,388 | 31,343,711 | 31,323,451 | 33,065,970 | |||||||||||
Weighted average anti-dilutive shares excluded from diluted net income per share | 1,262,902 | 1,382,013 | 1,379,481 | 41,919 | |||||||||||
Impairment of Long-Lived Assets to be Disposed of | $ 6,741 | $ 1,730 | $ 9,763 | ||||||||||||
Treasury Stock, Shares, Acquired | 156,778 | 593,763 | 2,159,613 | ||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 11,263 | $ 50,008 | $ 153,467 | ||||||||||||
Marketable Securities, Realized Gain (Loss) | $ 0 | $ 0 | (2,268) | 0 | |||||||||||
Insurance Recoveries | $ 3,136 | ||||||||||||||
Cost of Goods, Total [Member] | |||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||
Impairment of Long-Lived Assets to be Disposed of | 1,119 | ||||||||||||||
Restructuring Charges | |||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||
Impairment of Long-Lived Assets to be Disposed of | 611 | ||||||||||||||
Cross Currency Interest Rate Contract [Member] | |||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | $ (1,709) | $ 4,684 | |||||||||||||
|
Summary of Significant Accounting Policies Share-Based Compensation (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Change in Accounting Estimate [Line Items] | ||||
Share-based compensation expense | $ 12,797 | $ 5,953 | $ 35,645 | $ 18,153 |
Allocated Share-based Compensation Expense | $ 18,209 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 87,387 | $ 87,387 |
Summary of Significant Accounting Policies Recognition period (Details) |
9 Months Ended |
---|---|
Mar. 31, 2017 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition [Abstract] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 10 months |
Fair Value Measurements (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017
USD ($)
|
Mar. 31, 2016
USD ($)
|
Mar. 31, 2017
USD ($)
|
Mar. 31, 2016
USD ($)
|
Jun. 30, 2016
USD ($)
|
Feb. 01, 2016
USD ($)
|
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Additional Paid in Capital | $ 358,170 | $ 358,170 | $ 335,192 | ||||||||
Business Combination, Contingent Consideration, Liability, Current | 29,677 | 29,677 | 0 | ||||||||
Marketable Securities, Realized Gain (Loss) | 0 | $ 0 | (2,268) | $ 0 | |||||||
Debt, Long-term and Short-term, Combined Amount | 891,453 | 891,453 | 678,511 | ||||||||
Available-for-sale Securities, Amortized Cost Basis | [1],[2] | 4,405 | |||||||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 3,488 | ||||||||||
Available-for-sale Securities | 0 | 0 | 7,893 | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | [2] | 2,514 | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | [2] | (89) | |||||||||
Contingent Consideration | 0 | 0 | $ (1,185) | ||||||||
Debt Instrument, Fair Value Disclosure | 919,973 | 919,973 | 686,409 | ||||||||
Total debt, Gross [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Debt, Long-term and Short-term, Combined Amount | 897,570 | 897,570 | 685,897 | ||||||||
WIRmachenDRUCK GmbH [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Contingent Consideration | (3,637) | (3,637) | (1,212) | ||||||||
Fair value, recurring measurements [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Available-for-sale Securities | 7,893 | ||||||||||
Assets, Fair Value Disclosure, Recurring | 14,614 | 14,614 | 17,714 | ||||||||
Liabilities, Fair Value Disclosure, Recurring | $ 7,661 | $ 7,661 | 12,557 | ||||||||
Foreign Exchange Forward [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Derivative, Number of Instruments Held | 449 | 449 | |||||||||
Interest Rate Swap [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Derivative Asset, Fair Value, Gross Asset | $ 2,394 | $ 2,394 | |||||||||
Derivative, Number of Instruments Held | 5 | 5 | |||||||||
Derivative Liability | $ (355) | $ (355) | (2,180) | ||||||||
Interest Rate Swap [Member] | Fair value, recurring measurements [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Derivative Liability | 3,683 | 3,683 | |||||||||
Cross Currency Interest Rate Contract [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Derivative Asset, Fair Value, Gross Asset | 1,661 | 1,661 | |||||||||
Derivative Liability | (2,706) | (2,706) | (8,850) | ||||||||
Currency Swap [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Derivative Asset, Fair Value, Gross Asset | $ 10,559 | $ 10,559 | 9,821 | ||||||||
Derivative, Number of Instruments Held | 2 | 2 | |||||||||
Derivative Liability | $ (622) | $ (622) | (315) | ||||||||
Foreign Exchange Option [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Derivative Liability | (341) | $ (341) | |||||||||
Accrued Liabilities [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | [2] | 1,212 | |||||||||
Other Noncurrent Liabilities [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | [1] | 7,833 | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | [1] | 0 | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | [1] | $ 139 | |||||||||
Contingent Consideration | [1] | (9,157) | |||||||||
Net Investment Hedging [Member] | Currency Swap [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Derivative, Number of Instruments Held | 2 | 2 | |||||||||
Not Designated as Hedging Instrument [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Derivative Asset, Fair Value, Gross Asset | $ 10,846 | $ 10,846 | 10,748 | ||||||||
Derivative Liability | 150 | ||||||||||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Derivative Asset, Fair Value, Gross Asset | 10,846 | 10,846 | 10,748 | ||||||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 9,821 | ||||||||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 | |||||||||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Option [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |||||||||
Derivative, Fair Value, Net | 0 | 0 | |||||||||
Derivative Liability | (341) | (341) | |||||||||
Fair Value, Inputs, Level 1 [Member] | WIRmachenDRUCK GmbH [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Contingent Consideration | 0 | 0 | 0 | ||||||||
Fair Value, Inputs, Level 1 [Member] | Fair value, recurring measurements [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Derivative Instruments and Hedges, Assets | 0 | ||||||||||
Available-for-sale Securities | 7,893 | ||||||||||
Assets, Fair Value Disclosure, Recurring | 7,893 | ||||||||||
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |||||||||
Derivative Liability | 0 | 0 | 0 | ||||||||
Fair Value, Inputs, Level 1 [Member] | Cross Currency Interest Rate Contract [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |||||||||
Derivative Liability | 0 | 0 | 0 | ||||||||
Fair Value, Inputs, Level 1 [Member] | Currency Swap [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |||||||||
Derivative Liability | 0 | 0 | 0 | ||||||||
Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Option [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Derivative Liability | 0 | 0 | |||||||||
Fair Value, Inputs, Level 2 [Member] | WIRmachenDRUCK GmbH [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Contingent Consideration | 0 | 0 | 0 | ||||||||
Fair Value, Inputs, Level 2 [Member] | Fair value, recurring measurements [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 9,859 | 9,859 | |||||||||
Available-for-sale Securities | 0 | ||||||||||
Assets, Fair Value Disclosure, Recurring | 14,614 | 14,614 | 9,821 | ||||||||
Liabilities, Fair Value Disclosure, Recurring | 4,024 | 4,024 | 11,345 | ||||||||
Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Forward [Member] | Fair value, recurring measurements [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 341 | 341 | |||||||||
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Derivative Asset, Fair Value, Gross Asset | 2,394 | 2,394 | |||||||||
Derivative Liability | (355) | (355) | (2,180) | ||||||||
Fair Value, Inputs, Level 2 [Member] | Cross Currency Interest Rate Contract [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Derivative Asset, Fair Value, Gross Asset | 1,661 | 1,661 | |||||||||
Derivative Liability | (2,706) | (2,706) | (8,850) | ||||||||
Fair Value, Inputs, Level 2 [Member] | Currency Swap [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Derivative Asset, Fair Value, Gross Asset | 10,559 | 10,559 | 9,821 | ||||||||
Derivative Liability | (622) | (622) | (315) | ||||||||
Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Option [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Derivative Liability | (341) | (341) | |||||||||
Fair Value, Inputs, Level 3 [Member] | WIRmachenDRUCK GmbH [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Contingent Consideration | (3,637) | (3,637) | (1,212) | ||||||||
Fair Value, Inputs, Level 3 [Member] | Fair value, recurring measurements [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | ||||||||||
Available-for-sale Securities | 0 | ||||||||||
Liabilities, Fair Value Disclosure, Recurring | 3,637 | 3,637 | 1,212 | ||||||||
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |||||||||
Derivative Liability | 0 | 0 | 0 | ||||||||
Fair Value, Inputs, Level 3 [Member] | Cross Currency Interest Rate Contract [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |||||||||
Derivative Liability | 0 | 0 | 0 | ||||||||
Fair Value, Inputs, Level 3 [Member] | Currency Swap [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |||||||||
Derivative Liability | 0 | 0 | $ 0 | ||||||||
Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Option [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Derivative Liability | $ 0 | $ 0 | |||||||||
|
Derivative Financial Instruments (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017
USD ($)
|
Mar. 31, 2016
USD ($)
|
Mar. 31, 2017
USD ($)
instrument
|
Mar. 31, 2016
USD ($)
instrument
|
Jun. 30, 2016
USD ($)
|
|||||
Derivative [Line Items] | |||||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (817) | [1] | $ (1,505) | $ 12,737 | [1] | $ 4,048 | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (2,069) | (8,549) | 11,169 | $ (6,082) | |||||
Designated as Hedging Instrument [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative Asset, Fair Value, Gross Asset | 5,261 | 5,261 | $ 0 | ||||||
Interest Rate Swap Contracts, Liability, Fair Value Disclosure | (11,195) | ||||||||
Interest Rate Swap Contracts, Assets, Fair Value Disclosure | 0 | ||||||||
Derivative Asset, Fair Value, Gross Liability | (506) | (506) | 0 | ||||||
Derivative Liability, Fair Value, Gross Liability | (3,796) | (3,796) | (11,195) | ||||||
Derivative Liability, Fair Value, Gross Asset | 113 | 113 | 0 | ||||||
Not Designated as Hedging Instrument [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative Asset, Fair Value, Gross Asset | 10,846 | 10,846 | 10,748 | ||||||
Interest Rate Swap Contracts, Liability, Fair Value Disclosure | (150) | ||||||||
Interest Rate Swap Contracts, Assets, Fair Value Disclosure | 9,859 | 9,859 | 9,821 | ||||||
Derivative Asset, Fair Value, Gross Liability | (987) | (987) | (927) | ||||||
Derivative Liability, Fair Value, Gross Liability | (341) | (341) | (508) | ||||||
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | 358 | ||||||
Foreign Exchange Option [Member] | |||||||||
Derivative [Line Items] | |||||||||
Interest Rate Swap Contracts, Liability, Fair Value Disclosure | 341 | 341 | |||||||
Foreign Exchange Option [Member] | Not Designated as Hedging Instrument [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |||||||
Interest Rate Swap Contracts, Liability, Fair Value Disclosure | 341 | 341 | |||||||
Derivative Asset, Fair Value, Gross Liability | 0 | 0 | |||||||
Derivative, Fair Value, Net | 0 | 0 | |||||||
Derivative Liability, Fair Value, Gross Liability | 341 | 341 | |||||||
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | |||||||
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative Asset, Fair Value, Gross Asset | 1,661 | 1,661 | |||||||
Derivative Asset, Fair Value, Gross Liability | 0 | 0 | |||||||
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Assets, Fair Value | 1,661 | $ 1,661 | |||||||
Interest Rate Swap [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative, Number of Ineffective Instruments Held | instrument | 2 | 1 | |||||||
Derivative Asset, Fair Value, Gross Asset | 2,394 | $ 2,394 | |||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 3 | 0 | 256 | $ (10) | |||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 422 | ||||||||
Notional Amount of Interest Rate Derivatives | 60,000 | 60,000 | |||||||
Notional value of contracts with future start date | $ 140,000 | $ 140,000 | |||||||
Derivative, Number of Instruments Held | 5 | 5 | |||||||
Derivative, Underlying Basis | one-month LIBOR | ||||||||
Interest Rate Swap Contracts, Liability, Fair Value Disclosure | $ 355 | $ 355 | 2,180 | ||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (1,367) | ||||||||
Total current and future notional amount | $ 200,000 | 200,000 | |||||||
Interest Rate Swap [Member] | Minimum [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative, Maturity Date | Dec. 30, 2016 | ||||||||
Interest Rate Swap [Member] | Maximum [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative, Maturity Date | Jun. 30, 2019 | ||||||||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative Asset, Fair Value, Gross Asset | $ 2,705 | 2,705 | 0 | ||||||
Derivative Asset, Fair Value, Gross Liability | (311) | (311) | 0 | ||||||
Interest Rate Cash Flow Hedge Asset at Fair Value | 2,394 | 2,394 | 0 | ||||||
Derivative Liability, Fair Value, Gross Liability | (468) | (468) | (2,180) | ||||||
Derivative Liability, Fair Value, Gross Asset | 113 | 113 | 0 | ||||||
Interest Rate Cash Flow Hedge Liability at Fair Value | (355) | (355) | (2,180) | ||||||
Foreign Exchange Forward [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (820) | (1,505) | 12,481 | 4,058 | |||||
Notional Amount of Foreign Currency Derivatives | $ 308,301 | $ 308,301 | |||||||
Derivative, Number of Instruments Held | 449 | 449 | |||||||
Derivative, Underlying Basis | Various | ||||||||
Foreign Exchange Forward [Member] | Minimum [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative, Maturity Date | Jun. 28, 2019 | ||||||||
Foreign Exchange Forward [Member] | Maximum [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative, Maturity Date | Jun. 28, 2019 | ||||||||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative Asset, Fair Value, Gross Asset | $ 10,846 | $ 10,846 | 10,748 | ||||||
Foreign Currency Contract, Asset, Fair Value Disclosure | 9,821 | ||||||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 | |||||||
Derivative Asset, Fair Value, Gross Liability | (987) | (987) | (927) | ||||||
Derivative Liability, Fair Value, Gross Liability | 0 | 0 | (508) | ||||||
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | 358 | ||||||
Derivative, Net Liability Position, Aggregate Fair Value | (150) | ||||||||
Currency Swap [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative Asset, Fair Value, Gross Asset | 10,559 | 10,559 | 9,821 | ||||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 2,224 | ||||||||
Notional Amount of Foreign Currency Derivatives | $ 120,011 | $ 120,011 | |||||||
Derivative, Number of Instruments Held | 2 | 2 | |||||||
Interest Rate Swap Contracts, Liability, Fair Value Disclosure | $ 622 | $ 622 | 315 | ||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (740) | (3,915) | 3,971 | (3,915) | |||||
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value | $ 0 | 0 | |||||||
Currency Swap [Member] | Minimum [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative, Maturity Date | Apr. 01, 2019 | ||||||||
Currency Swap [Member] | Maximum [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative, Maturity Date | Jun. 30, 2019 | ||||||||
Currency Swap [Member] | Designated as Hedging Instrument [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | ||||||||
Derivative Asset, Fair Value, Gross Liability | 0 | ||||||||
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Assets, Fair Value | 0 | ||||||||
Derivative Liability, Fair Value, Gross Liability | $ 0 | 0 | (2,080) | ||||||
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | 0 | ||||||
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value | (2,080) | ||||||||
Interest Expense [Member] | Interest Rate Swap [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 314 | (905) | 3,078 | ||||||
Fair value, recurring measurements [Member] | Interest Rate Swap [Member] | |||||||||
Derivative [Line Items] | |||||||||
Interest Rate Swap Contracts, Liability, Fair Value Disclosure | (3,683) | (3,683) | |||||||
Interest Rate Swap Contracts, Assets, Fair Value Disclosure | 4,755 | 4,755 | |||||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Interest Expense [Member] | Interest Rate Swap [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (61) | (180) | (100) | (768) | |||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Other Income [Member] | Currency Swap [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1,131) | 4,034 | 6,366 | 4,034 | |||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 895 | 3,160 | (4,698) | 3,600 | |||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Income (loss) before taxes [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1,192) | (4,214) | 6,266 | (4,802) | |||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Income Taxes [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1,568) | 1,202 | |||||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Income Taxes [Member] | Interest Rate Swap [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (297) | (1,054) | |||||||
Net Investment Hedging [Member] | Currency Swap [Member] | |||||||||
Derivative [Line Items] | |||||||||
Notional Amount of Foreign Currency Derivatives | $ 122,969 | $ 122,969 | |||||||
Derivative, Number of Instruments Held | 2 | 2 | |||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (841) | (2,999) | $ 3,983 | (70) | |||||
Net Investment Hedging [Member] | Currency Swap [Member] | Designated as Hedging Instrument [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | 0 | ||||||
Derivative Asset, Fair Value, Gross Liability | 0 | 0 | 0 | ||||||
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Assets, Fair Value | 0 | 0 | 0 | ||||||
Derivative Liability, Fair Value, Gross Liability | (2,706) | (2,706) | (6,770) | ||||||
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | 0 | ||||||
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value | (2,706) | (2,706) | (6,770) | ||||||
Net Investment Hedging [Member] | Forward Contracts [Member] | |||||||||
Derivative [Line Items] | |||||||||
Notional Amount of Foreign Currency Derivatives | $ 175,262 | $ 175,262 | |||||||
Derivative, Number of Instruments Held | 6 | 6 | |||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (802) | $ (730) | $ 137 | $ (730) | |||||
Net Investment Hedging [Member] | Forward Contracts [Member] | Designated as Hedging Instrument [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative Asset, Fair Value, Gross Asset | 895 | 895 | 0 | ||||||
Derivative Asset, Fair Value, Gross Liability | 195 | 195 | 0 | ||||||
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Assets, Fair Value | 700 | 700 | 0 | ||||||
Derivative Liability, Fair Value, Gross Liability | (622) | (622) | (165) | ||||||
Derivative Liability, Fair Value, Gross Asset | 0 | 0 | 0 | ||||||
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Liabilities, Fair Value | $ (622) | $ (622) | $ (165) | ||||||
|
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands |
9 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated other comprehensive income (loss), tax | $ 3,798 | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated other comprehensive loss | (108,015) | ||||
Other comprehensive income (loss) before reclassifications | (16,413) | ||||
Amounts reclassified from accumulated other comprehensive loss to net (loss) income | (2,430) | ||||
Net current period other comprehensive income (loss) | (18,843) | ||||
Accumulated other comprehensive loss | (126,858) | ||||
Derivatives used in Net Investment Hedge, Net of Tax, Period Increase (Decrease) | 845 | $ (4,965) | |||
Pension Plan [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated other comprehensive loss | (2,551) | ||||
Other comprehensive income (loss) before reclassifications | 2,221 | ||||
Amounts reclassified from accumulated other comprehensive loss to net (loss) income | 0 | ||||
Net current period other comprehensive income (loss) | 2,221 | ||||
Accumulated other comprehensive loss | (330) | ||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated other comprehensive loss | (2,322) | ||||
Other comprehensive income (loss) before reclassifications | 7,049 | ||||
Amounts reclassified from accumulated other comprehensive loss to net (loss) income | (4,698) | ||||
Net current period other comprehensive income (loss) | 2,351 | ||||
Accumulated other comprehensive loss | 29 | ||||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated other comprehensive loss | 3,488 | ||||
Other comprehensive income (loss) before reclassifications | (5,756) | ||||
Amounts reclassified from accumulated other comprehensive loss to net (loss) income | 2,268 | ||||
Net current period other comprehensive income (loss) | (3,488) | ||||
Accumulated other comprehensive loss | 0 | ||||
Accumulated Translation Adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated other comprehensive loss | [1] | (106,630) | |||
Other comprehensive income (loss) before reclassifications | [1] | (19,927) | |||
Amounts reclassified from accumulated other comprehensive loss to net (loss) income | [1] | 0 | |||
Net current period other comprehensive income (loss) | [1] | (19,927) | |||
Accumulated other comprehensive loss | [1] | $ (126,557) | |||
|
Business Combinations (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 30, 2016 |
Mar. 31, 2017 |
Mar. 31, 2017 |
Mar. 31, 2016 |
||||||||
Business Acquisition [Line Items] | |||||||||||
Goodwill, Purchase Accounting Adjustments | $ 0 | ||||||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | 500 | $ 2,005 | |||||||||
Goodwill, Acquired During Period | 71,490 | ||||||||||
National Pen CO. LLC [Domain] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business Acquisition, Pro Forma Revenue | 1,730,091 | $ 1,525,536 | |||||||||
Pro forma net income attributable to Cimpress | $ (42,663) | $ 32,505 | |||||||||
National Pen CO. LLC [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Payments to Acquire Businesses, Gross | $ 214,573 | ||||||||||
Post Closing Purchase Price Adjustment | (1,941) | ||||||||||
Business Combination, Consideration Transferred | 212,632 | ||||||||||
Cash Acquired from Acquisition | 8,337 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 993 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (12,590) | ||||||||||
Accrued expenses acquired in business combinations | (17,802) | ||||||||||
Business Combination, Acquired Receivables, Fair Value | 20,921 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 19,854 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 12,454 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 29,472 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (1,016) | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | [1] | (17,735) | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | (9,746) | ||||||||||
Technology-Based Intangible Assets [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years | ||||||||||
Technology-Based Intangible Assets [Member] | National Pen CO. LLC [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Intangible Assets Acquired | 19,000 | ||||||||||
Trade Names [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 11 years | ||||||||||
Trade Names [Member] | National Pen CO. LLC [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Intangible Assets Acquired | 33,000 | ||||||||||
Customer Relationships [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years | ||||||||||
Customer Relationships [Member] | National Pen CO. LLC [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Intangible Assets Acquired | $ 56,000 | ||||||||||
National Pen CO. LLC [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Goodwill, Purchase Accounting Adjustments | [2] | $ (30,038) | |||||||||
Goodwill, Acquired During Period | [3] | $ 71,490 | |||||||||
|
Goodwill and Acquired Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Mar. 31, 2017 |
Mar. 31, 2016 |
||||||||||
Goodwill [Line Items] | |||||||||||||
Beginning Balance | $ 466,005 | ||||||||||||
Effect of Currency Translation Adjustments | [1] | (15,137) | |||||||||||
Goodwill, Acquired During Period | $ 71,490 | ||||||||||||
Ending Balance | $ 516,013 | 516,013 | |||||||||||
Fair Value Inputs, Discount Rate | 11.50% | ||||||||||||
Goodwill, Purchase Accounting Adjustments | $ 0 | ||||||||||||
Goodwill [Roll Forward] | |||||||||||||
Amortization of Intangible Assets | 13,450 | $ 10,812 | 33,542 | $ 30,114 | |||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 3,211 | ||||||||||||
Vistaprint Business Unit [Member] | |||||||||||||
Goodwill [Line Items] | |||||||||||||
Beginning Balance | 121,752 | ||||||||||||
Effect of Currency Translation Adjustments | [1] | (2,307) | |||||||||||
Goodwill, Acquired During Period | 0 | ||||||||||||
Ending Balance | 149,483 | 149,483 | |||||||||||
Goodwill, Impairment Loss | 0 | ||||||||||||
Goodwill, Purchase Accounting Adjustments | [2] | 30,038 | |||||||||||
Upload and Print Business Units [Member] | |||||||||||||
Goodwill [Line Items] | |||||||||||||
Beginning Balance | 319,373 | ||||||||||||
Effect of Currency Translation Adjustments | [1] | (12,545) | |||||||||||
Goodwill, Acquired During Period | 0 | ||||||||||||
Ending Balance | 300,483 | 300,483 | |||||||||||
Goodwill, Impairment Loss | [3] | (6,345) | $ (30,841) | ||||||||||
Goodwill, Purchase Accounting Adjustments | 0 | ||||||||||||
National Pen CO. LLC [Member] | |||||||||||||
Goodwill [Line Items] | |||||||||||||
Beginning Balance | 0 | ||||||||||||
Effect of Currency Translation Adjustments | [1] | 0 | |||||||||||
Goodwill, Acquired During Period | [4] | 71,490 | |||||||||||
Ending Balance | 41,452 | 41,452 | |||||||||||
Goodwill, Impairment Loss | 0 | ||||||||||||
Goodwill, Purchase Accounting Adjustments | [2] | (30,038) | |||||||||||
All Other Business Units [Member] | |||||||||||||
Goodwill [Line Items] | |||||||||||||
Beginning Balance | 24,880 | ||||||||||||
Effect of Currency Translation Adjustments | [1] | (285) | |||||||||||
Goodwill, Acquired During Period | 0 | ||||||||||||
Ending Balance | 24,595 | $ 24,595 | |||||||||||
Goodwill, Impairment Loss | 0 | ||||||||||||
Goodwill, Purchase Accounting Adjustments | $ 0 | ||||||||||||
|
Accrued Expenses (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Jun. 30, 2016 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Schedule of other current liabilities [Line Items] | |||||||||
Accrued Liabilities | [1] | $ 201,213 | $ 178,987 | ||||||
Compensation costs | [2] | 53,163 | 56,965 | ||||||
Income and indirect taxes | 43,914 | 39,802 | |||||||
Accrued Advertising | 26,440 | 26,372 | |||||||
Shipping costs | 8,989 | 6,843 | |||||||
Sales returns | 4,581 | 2,882 | |||||||
Production costs | 7,722 | 3,251 | |||||||
Interest Payable | 9,920 | 5,172 | |||||||
Supplemental Unemployment Benefits, Severance Benefits | [3] | 6,402 | 2,242 | ||||||
Purchases of property, plant and equipment | 3,077 | 4,614 | |||||||
Professional costs | 2,489 | 1,543 | |||||||
Other | 34,516 | $ 29,301 | |||||||
National Pen CO. LLC [Member] | |||||||||
Schedule of other current liabilities [Line Items] | |||||||||
Accrued Liabilities | $ 16,617 | ||||||||
|
Other Balance Sheet Components Other Current Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Jun. 30, 2016 |
---|---|---|
Schedule of other current liabilities [Line Items] | ||
Lease financing obligation, short-term portion | $ 12,569 | $ 12,569 |
Capital Lease Obligations, Current | 10,491 | 8,011 |
Other current liabilities | 53,900 | 22,635 |
Other Current Liabilities [Member] | ||
Schedule of other current liabilities [Line Items] | ||
Other current liabilities | $ 1,163 | $ 2,055 |
Other Balance Sheet Components Other liabilities (Details) € in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017
USD ($)
|
Mar. 31, 2016
USD ($)
|
Mar. 31, 2017
USD ($)
|
Mar. 31, 2016
USD ($)
|
Mar. 31, 2017
EUR (€)
|
Jun. 30, 2016
USD ($)
|
Feb. 01, 2016
USD ($)
|
||||||
Schedule of other liabilities [Line Items] | ||||||||||||
General and administrative expense (1) | [1] | $ 45,730 | $ 36,532 | $ 150,471 | $ 106,468 | |||||||
Contingent Consideration | 0 | 0 | $ 1,185 | |||||||||
Fair value of earn-out arrangement | $ 3,146 | |||||||||||
Capital Lease Obligations, Noncurrent | 29,962 | 29,962 | 21,318 | |||||||||
Derivative Liability, Noncurrent | 4,706 | 4,706 | 10,949 | |||||||||
Other liabilities | 57,284 | 57,284 | 60,173 | |||||||||
Asset at Fair Value, Changes in Fair Value Resulting from Changes in Assumptions | 4,598 | 20,330 | ||||||||||
Business Combination, Contingent Consideration, Liability, Current | 29,677 | 29,677 | 0 | |||||||||
Other Noncurrent Liabilities [Member] | ||||||||||||
Schedule of other liabilities [Line Items] | ||||||||||||
Contingent Consideration | [2] | 9,157 | ||||||||||
Other liabilities | 22,616 | 22,616 | 24,760 | |||||||||
National Pen CO. LLC [Member] | ||||||||||||
Schedule of other liabilities [Line Items] | ||||||||||||
Other Liabilities | 9,715 | 9,715 | ||||||||||
WIRmachenDRUCK GmbH [Member] | ||||||||||||
Schedule of other liabilities [Line Items] | ||||||||||||
General and administrative expense (1) | 7,034 | |||||||||||
Contingent Consideration | 3,637 | 3,637 | $ 1,212 | |||||||||
Contingent compensation liability | 26,040 | 26,040 | ||||||||||
WIRmachenDRUCK GmbH [Member] | ||||||||||||
Schedule of other liabilities [Line Items] | ||||||||||||
Contingent Consideration | $ 29,677 | $ 29,677 | ||||||||||
Maximum [Member] | WIRmachenDRUCK GmbH [Member] | ||||||||||||
Schedule of other liabilities [Line Items] | ||||||||||||
Contingent Consideration | € | € 40,000 | |||||||||||
|
Debt (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2017 |
Jun. 30, 2016 |
|||||
Line of Credit Facility [Line Items] | |||||||
Senior Notes | $ 275,000 | $ 275,000 | $ 275,000 | ||||
Short-term debt | 31,216 | [1] | 31,216 | [1] | 21,717 | ||
Long-term debt | 860,237 | 860,237 | 656,794 | ||||
Debt, Long-term and Short-term, Combined Amount | 891,453 | 891,453 | 678,511 | ||||
Other Long-term Debt | $ 7,600 | 7,600 | 10,088 | ||||
Description of variable rate basis | LIBOR | ||||||
Debt Instrument, Unamortized Discount | $ (6,117) | (6,117) | (7,386) | ||||
Line of Credit [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Unamortized Discount | (1,693) | ||||||
Revolving Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt, Long-term and Short-term, Combined Amount | 614,970 | 614,970 | $ 400,809 | ||||
Line of Credit [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Current borrowing capacity | $ 818,000 | $ 818,000 | |||||
Line of Credit [Member] | Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Basis spread on LIBOR | 1.50% | ||||||
Commitment fee (percentage) | 0.225% | ||||||
Line of Credit [Member] | Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Basis spread on LIBOR | 2.25% | ||||||
Commitment fee (percentage) | 0.40% | ||||||
Revolving Loan, Maturity September 23, 2019 [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Weighted average interest rate | 3.36% | 3.36% | |||||
Term Loan [Domain] | Line of Credit [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Long-term Debt, Gross | $ 128,000 | $ 128,000 | |||||
Senior Notes [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | 7.00% | |||||
Revolving Loan, Maturity September 23, 2019 [Member] | Line of Credit [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum borrowing capacity | $ 690,000 | $ 690,000 | |||||
Redemption Any Time Prior to April 1, 2018 | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 107.00% | ||||||
Redemption Any Time Prior to April 1, 2018 - Percentage of Aggregate Outstanding Principal | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt Instrument, Redemption Price, Percentage | 35.00% | ||||||
|
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Operating Loss Carryforwards [Line Items] | ||||
Income tax (benefit) provision | $ (17,431) | $ (854) | $ (7,644) | $ 8,473 |
Unrecognized Tax Benefits | 5,612 | 5,612 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 350 | 350 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 2,940 | 2,940 | ||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 45 | $ 698 | 4,659 | 2,390 |
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | 2,583 | |||
Deferred Tax Assets, State Taxes | 1,110 | |||
Tax Benefit from Extended US R&D Credit | $ 893 | |||
Minimum [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Unrecognized Tax Benefits | 1,000 | 1,000 | ||
Maximum [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Unrecognized Tax Benefits | $ 1,200 | $ 1,200 | ||
Swiss Federal Tax Administration (FTA) [Member] | Intellectual Property [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 5 years |
Noncontrolling interest (Details) € in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017
USD ($)
|
Mar. 31, 2016
USD ($)
|
Mar. 31, 2017
USD ($)
|
Mar. 31, 2016
USD ($)
|
Mar. 31, 2017
EUR (€)
|
Jun. 30, 2016
USD ($)
|
Apr. 15, 2015 |
|||
Noncontrolling Interest [Line Items] | |||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ 20,230 | $ 0 | |||||||
Redeemable Noncontrolling Interest, Equity, Other, Redemption Value | € | € 39,000 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 256 | $ (3,100) | $ (677) | (4,177) | |||||
Vistaprint Japan Co., Ltd. [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 51.00% | 51.00% | 51.00% | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 49.00% | 49.00% | 49.00% | ||||||
Redeemable Noncontrolling Interest, Equity, Preferred, Redemption Value | $ 9,400 | $ 9,400 | |||||||
Exagroup SAS [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 70.00% | ||||||||
Pixartprinting S.p.A [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 97.00% | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 3.00% | 3.00% | 3.00% | ||||||
Redeemable Noncontrolling Interest, Equity, Preferred, Redemption Value | $ 10,900 | $ 10,900 | |||||||
Noncontrolling Interest [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ 0 | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 321 | 321 | $ 351 | ||||||
Proceeds from Contributions from Affiliates | 0 | ||||||||
Other Comprehensive (Income) Loss, Foreign Currency Translation Adjustment, Tax, Portion Attributable to Noncontrolling Interest | (32) | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 2 | ||||||||
Redeemable noncontrolling interest [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 42,604 | 42,604 | $ 65,301 | ||||||
Proceeds from Contributions from Affiliates | 1,404 | ||||||||
Other Comprehensive (Income) Loss, Foreign Currency Translation Adjustment, Tax, Portion Attributable to Noncontrolling Interest | (3,120) | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 1,054 | ||||||||
Exagroup SAS [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 30.00% | ||||||||
Exagroup SAS [Member] | Redeemable noncontrolling interest [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Temporary Equity, Accretion to Redemption Value | [1] | $ 372 | |||||||
Vistaprint Japan Co., Ltd. [Member] | Pixartprinting S.p.A [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ 20,299 | ||||||||
|
Variable Interest Entities (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity, Ownership Percentage | 49.99% | |||
Call Option Period | 8 years | |||
Printi LLC [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Liability equity award, fair value | $ 5,991 | $ 5,991 | ||
Liability equity award, expense recognized during period | $ 374 | $ 372 | $ 1,158 | $ 1,153 |
Restricted Stock [Member] | Printi LLC [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
Segment Information (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017
USD ($)
|
Mar. 31, 2016
USD ($)
|
Mar. 31, 2017
USD ($)
|
Mar. 31, 2016
USD ($)
|
Jun. 30, 2016
USD ($)
|
|||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Number of Reportable Segments | 4 | ||||||||||||||||||||
Revenue | $ 550,585 | $ 436,817 | $ 1,571,149 | $ 1,308,839 | |||||||||||||||||
Depreciation, Depletion and Amortization | (43,364) | (34,454) | (115,746) | (96,517) | |||||||||||||||||
Change in contingent earn-out liability | 27,364 | 0 | |||||||||||||||||||
Share-based compensation expense | (12,797) | (5,953) | (35,645) | (18,153) | |||||||||||||||||
Restructuring Charges | [1] | (24,790) | 0 | (25,890) | (381) | ||||||||||||||||
(Loss) income from operations | 41,943 | 17,531 | 36,046 | (62,163) | |||||||||||||||||
Long-lived assets | [2] | 473,644 | 473,644 | $ 434,300 | |||||||||||||||||
Other Operating Income | (141,418) | (200,391) | |||||||||||||||||||
Other (expense) income, net | (6,582) | (9,003) | 21,835 | 7,929 | |||||||||||||||||
Interest expense, net | (11,584) | (10,091) | (31,119) | (28,377) | |||||||||||||||||
(Loss) income before income taxes | (60,109) | (36,625) | (45,330) | 41,715 | |||||||||||||||||
Property, plant and equipment, net | 513,148 | 513,148 | 493,163 | ||||||||||||||||||
Deferred tax assets | 34,248 | 34,248 | 26,093 | ||||||||||||||||||
Goodwill | 516,013 | 516,013 | 466,005 | ||||||||||||||||||
Intangible assets, net | 280,133 | 280,133 | 216,970 | ||||||||||||||||||
Physical printed products and other [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Revenue | [3] | 535,959 | 421,402 | 1,526,906 | 1,260,647 | ||||||||||||||||
Digital products/services [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Revenue | 14,626 | 15,415 | 44,243 | 48,192 | |||||||||||||||||
Canada [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Long-lived assets | 85,321 | 85,321 | 89,888 | ||||||||||||||||||
Netherlands [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Long-lived assets | 94,393 | 94,393 | 91,053 | ||||||||||||||||||
Switzerland [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Long-lived assets | 46,453 | 46,453 | 38,501 | ||||||||||||||||||
Australia [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Long-lived assets | 23,312 | 23,312 | 24,358 | ||||||||||||||||||
Jamaica [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Long-lived assets | 21,699 | 21,699 | 22,604 | ||||||||||||||||||
FRANCE | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Long-lived assets | 21,843 | 21,843 | 24,561 | ||||||||||||||||||
ITALY | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Long-lived assets | 41,398 | 41,398 | 34,086 | ||||||||||||||||||
JAPAN | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Long-lived assets | 20,754 | 20,754 | 23,213 | ||||||||||||||||||
Other [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Long-lived assets | 63,370 | 63,370 | 53,059 | ||||||||||||||||||
UNITED STATES | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Revenue | 240,484 | 192,933 | 651,949 | 580,009 | |||||||||||||||||
Long-lived assets | 55,101 | 55,101 | 32,977 | ||||||||||||||||||
Non-United States [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Revenue | [4] | 310,101 | 243,884 | 919,200 | 728,830 | ||||||||||||||||
Corporate And Global Functions [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Depreciation, Depletion and Amortization | 3,354 | 6,888 | 14,883 | 18,375 | |||||||||||||||||
Restructuring Charges | (23,751) | (24,851) | |||||||||||||||||||
Other Operating Income | (80,883) | (62,963) | |||||||||||||||||||
All Other Business Units [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Revenue | 99,410 | 110,515 | |||||||||||||||||||
Depreciation, Depletion and Amortization | 3,698 | 4,667 | 10,957 | 14,637 | |||||||||||||||||
Goodwill | 24,595 | 24,595 | 24,880 | ||||||||||||||||||
Vistaprint Business Unit [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Revenue | 986,090 | 912,153 | |||||||||||||||||||
Depreciation, Depletion and Amortization | 16,885 | 10,049 | 42,971 | 30,106 | |||||||||||||||||
Other Operating Income | (122,454) | (157,352) | |||||||||||||||||||
Goodwill | 149,483 | 149,483 | 121,752 | ||||||||||||||||||
Upload and Print Business Units [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Revenue | 426,821 | 286,171 | |||||||||||||||||||
Depreciation, Depletion and Amortization | 14,150 | 12,850 | 41,658 | 33,399 | |||||||||||||||||
Other Operating Income | (43,715) | (41,195) | |||||||||||||||||||
Goodwill | 300,483 | 300,483 | 319,373 | ||||||||||||||||||
National Pen CO. LLC [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Revenue | 58,828 | 0 | |||||||||||||||||||
Depreciation, Depletion and Amortization | 5,277 | 0 | 5,277 | 0 | |||||||||||||||||
Goodwill | 41,452 | 41,452 | $ 0 | ||||||||||||||||||
Acquisition-related amortization and depreciation [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Depreciation, Depletion and Amortization | (13,508) | (10,879) | (33,740) | (30,316) | |||||||||||||||||
Share-based compensation related to investment consideration [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Share-based compensation expense | (375) | (1,168) | (5,079) | (3,705) | |||||||||||||||||
Restructuring Charges | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Share-based compensation expense | (6,257) | 0 | (6,257) | 0 | |||||||||||||||||
Restructuring Charges | (24,790) | 0 | (25,890) | (381) | |||||||||||||||||
Certain impairments [Domain] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Asset Impairment Charges | (9,556) | [5] | (37,582) | [5] | (9,556) | (40,604) | [5] | ||||||||||||||
Waltham Lease [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Interest Expense | 1,897 | 1,975 | 5,823 | 4,326 | |||||||||||||||||
Change in fair value of contingent consideration [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Change in contingent earn-out liability | [6] | 4,882 | (883) | (28,139) | (4,585) | ||||||||||||||||
Operating Segments [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
(Loss) income from operations | (36,976) | (54,086) | |||||||||||||||||||
Operating Segments [Member] | All Other Business Units [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Revenue | 28,027 | 30,560 | |||||||||||||||||||
(Loss) income from operations | 9,945 | 3,895 | 21,525 | (1,844) | |||||||||||||||||
Operating Segments [Member] | Vistaprint Business Unit [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Revenue | 321,254 | 289,901 | |||||||||||||||||||
(Loss) income from operations | (37,003) | (42,424) | |||||||||||||||||||
Operating Segments [Member] | Upload and Print Business Units [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Revenue | 142,476 | 116,356 | |||||||||||||||||||
(Loss) income from operations | (13,144) | (15,557) | |||||||||||||||||||
Operating Segments [Member] | National Pen CO. LLC [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Revenue | 58,828 | 0 | |||||||||||||||||||
(Loss) income from operations | 3,226 | 0 | |||||||||||||||||||
Other Operating Income | $ 3,226 | $ 0 | |||||||||||||||||||
Corporate, Non-Segment [Member] | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
(Loss) income from operations | $ 27,705 | $ (23,080) | |||||||||||||||||||
|
Segment Information (Details 1) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Mar. 31, 2017 |
Mar. 31, 2016 |
Jun. 30, 2016 |
|||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||
Revenue | $ 550,585 | $ 436,817 | $ 1,571,149 | $ 1,308,839 | |||
Segment Information Textuals Abstract | |||||||
Property, plant and equipment, net | 513,148 | 513,148 | $ 493,163 | ||||
UNITED STATES | |||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||
Revenue | 240,484 | 192,933 | 651,949 | 580,009 | |||
Non-United States [Member] | |||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||
Revenue | [1] | $ 310,101 | $ 243,884 | $ 919,200 | $ 728,830 | ||
|
Commitments and Contingencies (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Mar. 31, 2017 |
Mar. 31, 2016 |
Jun. 30, 2016 |
Feb. 01, 2016 |
|
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||
Unrecorded unconditional purchase obligation | $ 44,103 | $ 44,103 | ||||
Tax payment term | 7 years 6 months | |||||
Installment obligation | $ 7,252 | |||||
Capital Leased Assets | 40,559 | 40,559 | ||||
Capital lease asset, accumulated depreciation | $ 23,797 | |||||
Capital Lease Obligations | $ 40,453 | |||||
Contingent Consideration | 0 | 0 | $ 1,185 | |||
Total lease expense | 2,860 | $ 3,083 | 9,152 | $ 9,932 | ||
WIRmachenDRUCK GmbH [Member] | ||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||
Contingent Consideration | 29,677 | 29,677 | ||||
Upload and Print Business Units [Member] | ||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||
Contingent Consideration | 1,936 | 1,936 | ||||
Third-party web services [Domain] | ||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||
Unrecorded unconditional purchase obligation | 5,070 | 5,070 | ||||
Production and Computer Equipment [Domain] | ||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||
Unrecorded unconditional purchase obligation | 21,296 | 21,296 | ||||
Professional Fees [Domain] | ||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||
Unrecorded unconditional purchase obligation | 6,103 | 6,103 | ||||
Inventories [Member] | ||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||
Unrecorded unconditional purchase obligation | 5,195 | 5,195 | ||||
Advertising Purchase Commitment [Member] | ||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||
Unrecorded unconditional purchase obligation | 1,888 | 1,888 | ||||
Other purchase commitments [Member] | ||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||
Unrecorded unconditional purchase obligation | $ 4,551 | $ 4,551 |
Restructuring and Related Activities Disclosure (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Mar. 31, 2017 |
Mar. 31, 2016 |
Jun. 30, 2016 |
||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring Reserve | $ 11,499 | $ 11,499 | $ 0 | |||||||||||
Restructuring Charges | [1] | 24,790 | $ 0 | 25,890 | $ 381 | |||||||||
Payments for Restructuring | (7,523) | |||||||||||||
Restructuring Reserve, Settled without Cash | [2] | 6,868 | ||||||||||||
Impairment of Long-Lived Assets to be Disposed of | 6,741 | 1,730 | 9,763 | |||||||||||
Restructuring Charges | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring Charges | 24,790 | $ 0 | 25,890 | $ 381 | ||||||||||
Impairment of Long-Lived Assets to be Disposed of | 611 | |||||||||||||
Professional Fees [Domain] | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring Costs | 2,049 | |||||||||||||
Employee Severance [Member] | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring Reserve | 10,170 | 10,170 | 0 | |||||||||||
Restructuring Charges | 23,230 | |||||||||||||
Payments for Restructuring | (6,803) | |||||||||||||
Restructuring Reserve, Settled without Cash | [2] | 6,257 | ||||||||||||
Other Restructuring [Member] | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring Reserve | 1,329 | [3] | 1,329 | [3] | $ 0 | |||||||||
Restructuring Charges | [3] | 2,660 | ||||||||||||
Payments for Restructuring | [3] | (720) | ||||||||||||
Restructuring Reserve, Settled without Cash | [2],[3] | 611 | ||||||||||||
Corporate And Global Functions [Member] | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring Charges | 23,751 | $ 24,851 | ||||||||||||
National Pen CO. LLC [Member] | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring Costs | $ 1,039 | |||||||||||||
|
R[8<;V7)Q
MK%["[Z'_X_BUC5?9I93-K@Z';M<<9FUXOI]_@;NUQ2%@5/RY"Z?NZO=L:,IC
MTWP?+G[9W,_-X"CLPU,_%%'%K[?P$/;[H:3HX^^IT/FESB'P^O=[Z3^-C8^-
M>:RZ\-#L_]IM^NW]O)C/-N&Y>MWWWYK3SV%JD)O/IM;_&M["/LH')[&.IV;?
MC9^SI]>N;^JIE&BEKGZ F\QP+L42YQ)X,=?ZB
MY*\3O%/2UIB6B5Z6,N_(@.Z'=/Z2D2U*I!*DTY D#1VG(4G,\6GUH>36ATY!
MDA3DN=.*)-T\..[D8]&ME\0Q@.0?WT*N2(+MDXMYI5@C5*$MG$V=3.@,),E
MSQE(DFT1_B!6"4U'#E*SB70&DF2@YPPDR39KX[HESDL47>%M*E\CG8$D&>@Y
M TG"[1.@+QQGCBHT<8^1&DLZ!TERT',.DI*L6BN(H ?:I1+)4XI#\!T^6X9M%A9L(WWQ2N%LFV"X2;"/!]A/!W56+2SE?
MKXJPV4P5F#INDR4%=CIN\BPZ+>Q]$N_D(WW8]E_JVJ3-NG4:=MG+G$25 @9D$OW[V=(FJ5=]@6P\7M^-B8;
MC7UV+8 G+UIU+J>M]_V1,5>VH(6[,3UT>%,;JX5'TS;,]19$%4%:,9XD'Y@6
MLJ-%%GUG6V1F\$IV<+;$#5H+^_L$RHPY3>FKXTDVK0\.5F2]:. ;^._]V:+%
M%I9*:NB<-!VQ4.?T+CV>]B$^!OR0,+K5F81*+L8\!^-SE=,D" (%I0\, K $NPG>?%%ZO$Z2K!&DD2#\1W'PI<2WF]DL2MNBI
M MO$:7*D-+V.D[SPS@-[E\0W^0@?I_T7MXW0CIR-QY>-_:^-\8!2-E P G#[)GF0OT;M]A;*+QYS,6J#E7<1? ;T=::PD /Y4-+*((I&G/R4
M?$C1=U.1P)N PEN$WG%,/8QA!BL4!23@X.'% H%W :8>QC"#%3J$ F^N3"&@
M\)8&CY^Z#6.8P0I70J6X8"B@ 9_9))]++\/5$!>3NK(443E!5;DH\_BA(MB[
MX:.8>AC##%;B =" JX2IAKU0G=5[A)[W01YGOKB^EW'?]
M8Z*?F_%.9GSIU&FZ;PJNEU[K_P%02P,$% @ 5D.;2C&-QPN(! Q18
M !D !X;"]W;W)K PF)BA$EF8&W!/
M)JLX$AJ(:80 "0U$%"PV @0.F@0=$YL.@\T!+$17R?:+A'LBX)Y,8A:1T$"L
M(P1(:" ":\ *$/@LKI@P^C#8',$Z8X=HX42X)P'N84Y4(C201CA B=! 0L$Z
M++,A/3R"-++A/0R(CUS1FMI*@2M#6X!*E>3
MJ@!0$COY*3$C6 V%C8XP8P8G'3J(G,$1AN_>I+LJ, ) %"G
M+RNR:%OX4#D39Z +%')9%V$($H"@Z#6"+.$65$@9]2J!A"Z02 8=A&E(-B]U
MHA<*LDGGPCD-9Z227#)(F*R$R*H7"D+,+$,TTQ7H4CY8YD82ABN!#%6GGBNR
MV#3AL1).[RNSP\-D94!6KQ<>MLP,K ?:&J@R(X
V/LTOLG?\'':G[AMA';D;#R^;.Q_;8P'E)+
7P)W?E[N"$&PO=V]R:W-H965T
]AX"4V>HD-
M7O3"Q:-47#=(]7Y^"K49HQQSN(D6[N!E:LPE?=@#\S'$=?56!+W+J$+D)&
MM?;X7#-1[)ZU&V]S3UQFFGWA9DO78%^YV=ID?TVR=6*PS]-L+<
C;;/;Y6Z\7NE_JMVC1W
MGNOM>K%OOFY?9KNW;;5X.A1:KV9:*3];+Y:;Z=W-X=KW[=U-_;Y?+3?5]^UD
M][Y>+[;_NZ]6]C/95L^WTU_I^ALYU98X0/ZSK#YV%_]/VF?Y4==_M%]^>[J=JM:D:E4]
M[MLZ%LW'SVI>K59M58TA?YYJG7XVVA:\_/]<^]?#TS=/\V.QJ^;UZK_+I_WK
M[31,)T_5\^)]M?^]_OA6G9[(32>GQ_]'];-:-?#6DJ:-QWJU._R=/+[O]O7Z
M5$MCRGKQU_%SN3E\?ISJ/Q?#!?2I@,XM8$X%S&)+PAC$C,RZOF:44^),+:+^88P#C^T@5UO#A683@4>5V!A!?90@;VH('W8
M^1%2'"";8QLN4*&2?LN#E0!F'$6-C7;0:,>,-KY(K#YBW$4[.OHB03UDH4J.
M4MA<#\WUS%S2R6R9^YXFCG/7LXY+1X#7<:6U3]SL:U\]G8[P>M]PNA379+5O\>(1 ^T[O'B"VA\H6B04
M 3TZ0;H'LM$AZ9YN]. 7V?XNZ\^T.F5E[;VJIE%%=PMP5*J1.A/HBRZ\LTP/
M]Y=<'IOV4>CGJK]#ZE\:=3'W8\']DF[]/U!+ P04 " !60YM*;-.;16X$
M I%P &0 'AL+W=O)!4[*YLZZ/BI'ENGC.K&&7S$;N,D&
M?= ? 49P?="]WA50*HM#>Z=8.MO\DE4-8WNMMWO+1]I<(6GM2S)](J#]F4Q7
MJ/V!T^F&(T]UX/67]FK4^S^D[F+UK[@XG++2>HZ5S&O[[ZT.
MM9)%JZ)#*=+WYIF5]GEJ1AAO:3 A; EA1^#H2P)I":0CZ&"_(M"60#\)]$M"
MU!*B6V=@+8'=.D/<$F*'$#3NVN5:I"J=CBMY\JJFXO:I*6P\BG5!K$RG77\[
MIE>LUKW'*4OH.#@:H18S;S!A#\/Y.>1A",$=(M !=%&$4!3S<$ /SR=8#!$\
M<6*X*K*\+O((B' X$P+Z22R?G/D9P0(4%*!6@/8$$N2L1P.)+:2TD"A"$8\<
MRX8P2AC'L6/;$(:C&&/J.+,$< 1Q3A(XNPC,+@+L8; P78P!["''L:2-2W
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M3E?_3E\CNT8N-LJ\QOJ]:NY234/)?7M/#+K+ZO0_4$L#!!0 ( %9#FTKI
MTJ$LT0, $X2 9 >&PO=V]R:W-H965T
Y"0*XJ"]R"AEQ2%FIT!JC?TJDS!AH3PCB;(L@3&*HOW(&%7E 7O08(M%8RR
M^$:^OKDXFD(-Z>#]3) U!8RMC?$>).$51<%[D&!?>:,HD=D:$#&]*!.HX?H7
M[V>*]#.,?,0HWH,4+B\*Q7N0FM]!LR@M:""BH;']F4(-Z8SL"I!^AI')1O$.
MI-X51<$[D&)+=:,HS%P0,@9Z4290#1VGMU/->+&O#R9*:R-.N:Q2Z8UVAQ^W
MI-KI:N,KF*T!&;^#V7USM/'AOCEI^1X7^R0OK6
?
M%4BUH?/[>'ES&=VQOQ)8$_PYVY+Q[">)1#S/09;"AJ)/N-_[^4]75^_HQ^3G
MYW2$I-OD:S,3(UCQ5&/Y,@RX HMJ49"UKI<%OJV,N?8>C%[L-GB,0)U"X:#J
MX 287\#FK+)=UKH'E\"9:=!BFV^$^0-' 5;*B5?XV=2[7V)6J2M=-1Q>OJ+C
MV^"45FC\@KG."A;8KNE*7P$V2^Y]N*@5GCC.C'3NRGIB<29PO/L5*\@^GJ.W
MP&VC!-/A:61HRH:7Q$C\0N'3G(HA>0 X JG[;BMYM%L)NU-"L*$+-1F(@YU
M47I:.R%+S00('&K 3^"W#V!'X-:1#*GV8),N
>=+QOS02
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M9P)SSNKQM
P8']7B-E WI;AK&!0H!FH0STJ W2'V..5 *&N4'J1:CG+#K
MBY
N/FR9ZV[=W[=J9#AP79]*L:=LW_S]C_
M>S#V0Z3]9.Y^L%CY[\A%>]->R$7Y%_]0O!Z;306SU%]\#:]_PG>3<5"]S?_\
M.J9_B%:X&IO%3_MO__[\GQC79#@EQM5WC*N?'*!D$F&LDPQ&]&9"A?'?Q#Q;
MY]#YI99JD$")]Q6U)RGPQ^>8NM:.-=U>/!\M3M1O:>K[4_TBMM^\*^=1^Q-&
M2*7MZGO/49'Y!3,+.[,6F^ [Y]ZD>\?.K^=?WU"2N@2"/09KJEJ[2WX')@UD
M0:@1YS-IKCV(>Q.FDW@PGG1QT'.,^SU'-6M&P P
5/,M<1"&B#1
M9@/S04O/UMM==U]6^-M)V8>D)7] +1G?:1WGH"Y_DVTPB$_U_GC?:XFHH!TG
MPW@VH92\7B^>]F;1Y++W!WUOO]$W-[@0(GQ$:(_ZDQ%)4_TOZ^<30E,!E;TW
MG=*$3^C"?#Z.$\*?.)_$@^G8H(S=[BP,--=T3&>8^#:(QI-I/ *SZ0W>N>H>
MF+G:$KCKR7/
S?>A.'5P.QG^(XM 6
M;^F97K*< #N',A\IDHYJ 5>0%8SC%5&G]MO&*A)_0(P8N^RCQL,N]"['*($
M.++5OB<